Dominium Breaks Ground on 3 Atlanta-Area Senior Properties
- Dec 08, 2020
Dominium has kicked off construction on three affordable senior properties in Georgia totaling 718 units.
The communities will cater to adults 55 and over, earning 30 to 80 percent of the area medium income. Completion is slated for the second half of 2021.
The four-story buildings on the eastern outskirts of Atlanta will encompass 374 one-bedroom, 296 two-bedroom and 48 three-bedroom units. Common-area amenities will include fitness centers, community rooms, beauty salons and patios. Martin Riley Associates headed up the architectural design of the properties.
The 238-unit Stonepointe will rise at 6757 Covington Highway in Lithonia, Ga., less than 20 miles west of downtown Atlanta.
Financing for the upcoming community closed in December 2019 and included a Freddie Mac Forward Tax Exempt Loan provided by JLL, a tax-exempt construction loan and an equity bridge loan originated by Fifth Third Bank. Additionally, Stratford Capital Group provided 4 percent federal Low Income Housing Tax Credits, while Twain Financial contributed Georgia state Low Income Housing Tax Credits.
The $50 million, 240-unit Grayson Ridge community will be located at 1466 Grayson Highway in Lawrenceville, Ga.
Funding for the project concluded in June 2020 and included a Freddie Mac Forward TEL provided by KeyBank, a tax-exempt construction loan and a taxable equity bridge loan originated and serviced by KeyBank. Stratford Capital Group and Monarch Private Capital provided equity investment in 4 percent LIHTC and in Georgia state LIHTC, respectively.
Preserve at Peachtree Shoals
The 240-unit Preserve at Peachtree Shoals will be located at 2995 Old Peachtree Road in Dacula, Ga., roughly 37 miles northeast of downtown Atlanta.
Financing closed in July 2020 and included a Freddie Mac Forward TEL serviced by KeyBank, a tax-exempt construction loan and taxable equity bridge loan originated and provided by KeyBank. RBC Community Investments and Monarch Private Capital contributed equity investment in 4 percent LIHTC and in Georgia state LIHTC, respectively.
The Georgia Department of Community Affairs issued state and federal LIHTC for the properties, while the housing authorities of the City of Stonecrest, Lawrenceville and Gwinnett County acted as conduit issuers for the tax-exempt debt.
Earlier this year, Dominium sold the second largest affordable community in Minnesota in a nearly $75 million deal, following a 24-year ownership. The 824-unit Huntington Park property is home to more than 1,000 residents.