Villas at Mt. Zion and Flats at Mt. Zion
Debt Capital Markets
KeyBank Real Estate Capital secured $28.1 million of fixed-rate Fannie Mae financing for the construction on Villas at Mt. Zion and Flats at Mt. Zion in Clayton County, Georgia. These developments are a joint venture partnership between Zimmerman Properties and TriStar, LLC; and was formed to build and operate affordable housing communities offering innovative wraparound services focusing on the education, social and emotional wellbeing of its residents.
The developments consist of two affordable housing communities: (i) Villas at Mt. Zion, a 96-unit senior, independent living community (age’s 55+), and (ii) Flats at Mt. Zion, a 210-unit multi-family community targeting families with children. Both communities are being developed under the Federal Low-Income Housing Tax Credit Program and designated for individuals and families with rent and income limits within 50%, 60% and 70% of the Area Median Income (AMI) as determined by the U.S. Department of Housing & Urban Development. Other amenities include a swimming pool, exercise facility, computer library, playgrounds, outdoor garden, wellness center and the Early Learning Center.
KeyBank Real Estate Capital secured Fannie Mae MTEB 4% Unfunded Forward permanent loan commitments in the amount of $8,150,000 ($84,896/unit) for Villas and $19,950,000 ($95,000/unit) for Flats. The requested proceeds will help pay off the construction loans.
KeyBanc Capital Markets served as bond underwriter on the developments and publicly sold the $41,000,000 of Tax-Exempt Bonds Issued by the Housing Authority of Clayton County. The bonds were sold in Series A: MTEB, and Series B: Short-Term, tranches in the follow amounts : Flats - $19.95M (A-MTEB), $8,050M (B-Short-Term), Villas - $8,150M (A-MTEB), $4,850M (B-Short-Term).