Similar to another request as reported by What Now Atlanta earlier this week, another finance application was submitted by developers Dominium Development and Acquisitions and the Beverly J. Searles Foundation for the construction of a $70.3 million residential housing project and related amenities known as The Paramount for the site located on the southerly portion of 2841 Greenbriar Parkway SW.
Last week, the Board of Directors for Invest Atlanta’s housing finance group voted to issue up to $37 million in tax-exempt bonds to help finance the multifamily housing project in the Greenbriar Neighborhood.
The financing assistance will go towards constructing eight buildings containing 240 units to keep the project affordable for those at 60% AMI. According to packet documents, there will be 48 one-bedroom units renting at $876 per month. The ninety-six two-bedroom units will have a rental amount of $1,022 monthly, and the 96 three-bedroom units will cost $1,159 monthly. The unit’s range in size from 644 to 1,134 square feet.
The project will also contain a clubhouse, business center, fitness center, community room, yoga studio, dog park, playground, and swimming pools.
The $70,319,428 project includes $2.8 million in acquisition costs and $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.
According to their website, Dominium has more than 40 years of affordable housing experience. They have more than 30,000 apartments in 19 states and over $3 billion in owned properties. As the 4th largest provider of affordable housing in the Country, they have more than 1,000 employees.
The anticipated 18-month construction of the project is expected to be complete in 2023.
