Greystone Provides $15.8M Construction Financing for Affordable Community in Georgia

by Jeff Shaw

COVINGTON, Ga. — Greystone has provided $15.8 million in Freddie Mac financing for the construction of Legends of Covington, a 198-unit affordable seniors housing community in the Atlanta suburb of Covington.

PJ McDevitt of Greystone originated the transaction on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country.

The Freddie Mac Tax Exempt Loan is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac’s permanent take-out carrying an 18-year term with a 35-year amortization period at a fixed rate.

Construction of the property is scheduled for completion in 2021.

Legends of Covington will offer a mix of one-, two- and three-bedroom apartments for individuals age 55 and older. The property will consist of a single, four story building near the Newton County Senior Center.

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