NEW YORK, NY - Greystone, a leading commercial real estate lending, investment and advisory company, has provided $15,800,000 in Freddie Mac financing for a new seniors affordable housing property to be built in Covington, Georgia. The transaction was originated by PJ McDevitt of Greystone on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country.
The $15.8 million Freddie Mac Tax Exempt Loan (Forward TEL) is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac’s permanent take-out carrying an 18-year term with a 35-year amortization period at a low, fixed rate. Construction of the property is scheduled to be completed in 2021.
Located 30 miles southeast of downtown Atlanta in Covington, the Legends of Covington Senior community will offer a mix of one-, two- and three-bedroom apartments – 198 in total – for individuals 55-years of age and older. The property will consist of a single, four story building, and will offer amenities such as a clubhouse, gym and sports court, business center, media room, laundry, elevator, beauty salon, picnic area, storage and onsite parking. The property will be located near the Newton County Senior Center, which is considered to be the one of the most active senior centers in the State of Georgia.
“We are thrilled that we could help our long-time client secure the right financing for this project, with a quick close so that they could break ground as soon as possible,” said Jeff Englund, Senior Managing Director of Greystone’s Atlanta office and head of Greystone’s affordable housing group. “We thank Freddie Mac for their partnership in financing this project, which will fill a gap in affordable housing options for seniors in this community.”
“We knew we could rely on Greystone for this important project – though Newton County has a vibrant 55+ community, affordable housing stock for seniors is always in high demand,” said Paul Sween, principal of Dominium Holdings. “We’re grateful to our Greystone team for working with Freddie Mac to pull the right terms together and we look forward to bringing Legends to life.”