ATLANTA, GA - Prudential Huntoon Paige has closed a $4.6 million loan on behalf of the Federal Housing Administration for HACC Pointe South, Inc., a Georgia nonprofit corporation. Prudential Huntoon Paige is the FHA lender of Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc.
The transaction refinances Pointe South Apartments; a 160-unit affordable multifamily development located in Jonesboro, Ga. Constructed in 1997 with federal Low Income Housing Tax Credits, the development is physically located in unincorporated Clayton County and not within the Jonesboro city limits. In 2008, the Clayton County school system lost its accreditation, which led to significant move-outs at Pointe South that forced Fannie Mae to foreclose on the property. In 2011, following the school system’s re-accreditation, the commissioners of the Housing Authority of Clayton County approved an agreement with Fannie Mae in which the commissioners formed a non-profit entity that was able to purchase Pointe South with $4.6 million in permanent financing provided by Prudential Huntoon Paige.
“The re-accreditation of Clayton County’s school district has reinvigorated demand among families for quality, affordable housing, and Pointe South apartments help fulfill that need,” said Ann Cone, director of FHA originations at Prudential Huntoon Paige. “We are pleased that our financing was able to help the Housing Authority maintain Pointe South’s affordability.”
“The mandate of the Housing Authority is to provide safe, decent, sanitary and affordable housing for all residents of Clayton County. We have been working hard to find ways to fulfill that mandate and thanks to the efforts of Prudential Huntoon Paige and the FHA, we are a step closer with Pointe South Apartments,” said Linda Valentine, Executive Director.
The development at 772 Pointe South Parkway includes 20 residential buildings containing 152 townhouse units and eight flats, along with a clubhouse building containing the leasing office and meeting rooms. All units have three bedrooms. Amenities include a swimming pool and two playgrounds.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $72 billion in assets under management and administration as of March 31, 2012. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors.