GE Towner Owner, LP, a Georgia limited partnership, presented plans to rehabilitate 201 multifamily rental housing units located at 490 Glenn Street SW to Invest Atlanta. The developer has estimated the new construction and equipping of the Mechanicsville neighborhood development will require the approval of tax-exempt bond financing in an amount not exceeding $27 million for the project to move forward.
The Urban Residential Finance Authority will be reviewing the $45,260,845 project and the request during their February 14, 2022, meeting.
The requested financing will help close the financial gap created through the $24.5 million land cost, $12.3 million in hard costs, financing and interim expenses of approximately $2.1 million, and $3.5 million in developer fees, among other costs. In addition to the anticipated URFA tax-exempt loan, other financing partners include DCA (tax credits), CITI (Construction/Permanent Lender), and Alliant Capital (Federal/State LIHTC Investor).
According to the Invest Atlanta documents, the redevelopment consists of the construction of 201 multifamily units, which includes a central laundry facility, fitness room, picnic area, and washer/dryer connections. The units contain a mixture of one, two, and three bedrooms and range in size from 808 square feet to 1,266 square feet. The rental rates are at 60 % AMI or below resulting in each unit costing between $841 to $1,083 per month.
Findings authored by Invest Atlanta supporting the project and financing request determined after careful study and investigation of the nature of the proposed plans, the development will help alleviate the shortage of decent, safe, and sanitary housing that persons and families residing or desiring to reside in the Mechanicsville area can afford and the financing of the development, will be acting in further that public purpose.