KeyBank Provides $50M Financing for Two Affordable Properties in Georgia

LAWRENCEVILLE and DACULA, Ga. — KeyBank Real Estate Capital (KBREC) has secured $50 million of fixed-rate Freddie Mac financing for Dominium, a developer and manager of affordable housing.

The twin $25 million loans will be used for the construction of two affordable seniors housing communities — Grayson Ridge Apartments in Lawrenceville and The Preserve at Peachtree Shoals in Dacula, both suburbs of Atlanta.

Both four-story, garden-style properties will each contain 240 units for residents age 55 and older. The unit mix for both will consist of 124 one-bedroom units, 100 two-bedroom units and 16 three-bedroom units, with an average size of 1,019 square feet.

Both properties will use income averaging with tenants whose income ranges between 30 percent and 80 percent of the area median income. Construction of both properties is scheduled for completion by December 2021.

The financing for both properties was structured with Freddie Mac’s Tax-Exempt Loan program, with forward construction periods and 15-year permanent loan terms.

KeyBank Community Development Lending and Investment (CDLI) provided the construction debt on the properties totaling $83 million. Local housing authorities issued 4 percent Low-Income Housing Tax Credits.

Al Beaumariage of KBREC’s Commercial Mortgage Group and Kelly Frank of KeyBank’s CDLI team structured the financing.