Developers Dominium Development and Acquisitions and the Beverly J. Searles Foundation submitted plans to Invest Atlanta which include the construction of a $60.9 million fifty-five and older residential housing project and related amenities for a site located on the northern portion of 2841 Greenbriar Parkway SW.
Last week, the Board of Directors for Invest Atlanta’s housing finance group voted to issue up to $31 million in tax-exempt bonds to help finance a senior housing project located in the Greenbriar Neighborhood.
The financing will assist in the construction of 244 units to keep the project affordable for those at 60% AMI. According to packet documents, there will be 132 one-bedroom units renting at $892 per month. The ninety-two two-bedroom units will have a rental amount of $1,072 monthly, and the 20 three-bedroom apartment units will cost $1,209 monthly, while the units range in size from 688 to 1,209 square feet.
The project will also contain a clubhouse, clubroom, business center, fitness center, community kitchen, theater, salon, library, card and craft room, laundry facilities, and grill stations.
The $60,928,839 senior project includes $1.8 million in acquisition costs, along with $3.5 million in developer fees. Aside from Invest Atlanta, the project consists of KeyBank as the construction lender, Polaris Capital as the federal LIHTC investor, along with Monarch Private Capital and Key Bank/Freddie Mac as the seller servicer and permanent lender.
Co-applicant Searles Foundation received a $10 million tax-exempt bond and a $1 million Vine City Housing Trust Fund loan for a 105-unit senior housing development known as Oasis at Vince City in 2017. Similarly, the foundation completed the Lillie R. Campbell House in 2007, which consisted of a 96-unit housing development that received $6.5 million in tax-exempt bond financing.
The anticipated 18-month construction of the fifty-five and older community is expected to be complete in 2023.
