ATLANTA, Ga., March 30, 2010 – Ambling Development Partners (ADP) announced it will begin construction on a new residential development in Union City. ADP's new community, known as Woodbridge at Parkway Village, is situated on 6.67 acres and features 150 units. Designed especially for independent seniors 62 and older, the development will include a cyber café, walking trails, movie theater, library, and fitness center. Residents will enjoy easy access to nearby retailers including Publix, McDonald's, Zaxby's and Wachovia.
The vice president of development for ADP, Torian R. Priestly, believes the Woodbridge project signifies Ambling's corporate vision in action. "Building communities that positively transform lives, whereby our organization can create lasting impressions one person at a time, is a testament to Ambling's dedication to live out its corporate vision to love life, to create wealth, and to change the world." He continues, "We are proud to work on this exemplary project alongside other visionary partners including Union City Housing Authority, Fulton County Housing Authority, and Atlanta Housing Authority. Woodbridge is a model community and an integral part of the overall HOPE VI Redevelopment Plan.
Woodbridge at Parkway Village is considered a mixed-finance transaction as it combined multiple financing components including Low Income Housing Tax Credits, Tax-Exempt Bonds, grants and other subordinate financing. On the debt side, the project was financed with tax-exempt bonds issued by Union City under the New Issue Bond Program (NIBP). The NIBP is a component of the American Recovery and Reinvestment Act (ARRA). This program proved to be beneficial for Woodbridge by providing a reduction to the interest rate of approximately135 basis points.
Community Affordable Housing Equity Corporation (CAHEC) purchased the federal Low Income Housing Tax Credits; Stateside Capital purchased the Georgia State Low Income Housing Tax Credits.
Additional sources of funds for this mixed-income mixed-finance transaction included HOPE VI funds as well as other funds provided by the Housing Authority of Fulton County.
ADP's finance team included Rockport Mortgage Corporation, Red Mortgage Capital Group, Inc. and Merchant Capital, LLC. ADP's legal team included Hunton & Williams, Eichner & Norris, PLLC, Coleman Talley, LLP and Arnall Golden Gregory, LLP.
Ambling Construction Company is the contractor leading construction for the 146,000 SF independent senior living facility. Ambling Management Company will orchestrate the lease-up which consists of 120 Project Based Rental Assistance units and 30 Low Income units. Once complete, Ambling Management Company will manage and oversee operations at Woodbridge at Parkway Village.
About Ambling Companies, Inc.
Founded in 1995, Ambling Companies Inc. has experienced 14 years of extraordinary growth and influence. With projects from California to Bermuda and the great Southeast, Ambling has secured a name in the real estate industry for its expertise in financing, development, consulting, property management, construction and asset management. With corporate offices in Valdosta, GA, Atlanta and Columbia, SC, Ambling retains more than 1000 employees who proudly uphold the corporate vision statement to Change the world, Create Wealth and Love Life. Ambling has a long and generous record of corporate giving and community involvement. For additional information on Ambling, please visit www.ambling.com.