A residential developer will receive millions of dollars from state and local officials to build 80 affordable apartments for seniors at the Avondale Estate MARTA station.
Columbia Residential closed on a financing deal with the Decatur Housing Authority earlier this week to develop the new senior housing project, adding to an effort to put more residential density near key transit centers. The $32 million project is made possible by grant funding, tax credits, government loans and other assistance, the developer said.
The agreement comes at a time when developers face an uphill battle getting investors to back their projects. Multiple metro Atlanta developments have been delayed or scaled back due to financing issues and tight capital markets, which are grappling with high interest rates and the COVID-19 pandemic’s lingering effects on commercial real estate.
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Developer gets financing for affordable housing near Avondale station 80 affordable apartment for seniors to join MARTA-adjacent development Credit: City of Decatur This is a...
Developer gets financing for affordable housing near Avondale station
Developer gets financing for affordable housing near Avondale station
Credit: City of Decatur
19 hours ago
A residential developer will receive millions of dollars from state and local officials to build 80 affordable apartments for seniors at the Avondale Estate MARTA station.
Columbia Residential closed on a financing deal with the Decatur Housing Authority earlier this week to develop the new senior housing project, adding to an effort to put more residential density near key transit centers. The $32 million project is made possible by grant funding, tax credits, government loans and other assistance, the developer said.
The agreement comes at a time when developers face an uphill battle getting investors to back their projects. Multiple metro Atlanta developments have been delayed or scaled back due to financing issues and tight capital markets, which are grappling with high interest rates and the COVID-19 pandemic’s lingering effects on commercial real estate.
Source: https://www.ajc.com/news/atlanta-news/developer-gets-financing-for-affordable-housing-near-avondale-station/75ZWVXOP5NFZXNWFPKZ62NPJZU/