Coleman Talley attorneys Tom Kurrie and Greg Clark represented Atlanta based Peachtree Housing Communities in closing a 59-unit multifamily affordable housing development located in Albany, Dougherty County, Georgia. The $8.6 million project known as Pointe North Senior Village focuses on senior tenants age 55 and older, and will be located on approximately 3 acres of near the Albany Mall in close proximity to medical facilities, public transportation, retail and dining.
The development will consists of one (1) three-story building with an elevator, community room, fitness center with low impact exercise equipment, fully equipped computer center, centralized laundry facility, covered patio and sitting areas throughout the interior common space of the building. Pointe North Senior Village will also participate in the Earth Craft Multi-family program to ensure that the property is developed in a sustainable manner and will extend the useful life of the development. Units will be equipped with central HVAC, dishwasher, microwave, washer/dryer connections and fire suppression systems.
The senior development will be owned and operated by Pointe North Senior Village, LP, which will have a wholly owned subsidiary of Peachtree Housing Communities as its general partner. Pointe North Senior Village is financed primarily by an equity investment from Columbia, Missouri based Affordable Equity Partners through the syndication of federal and state Low Income Housing Tax Credits (LIHTC) and a $6 million construction loan from Sterling Bank.
Peachtree Housing Communities is an Atlanta based developer that owns and develops affordable rental housing in Georgia, South Carolina and Tennessee through various partnerships. Peachtree hopes to begin the second phase of Pointe North in 2015, as they are submitting an application for additional tax credits from the Georgia Housing and Finance Authority under the 2014 funding round.