The Meridian
Overview
| Deal Type |
Bridge Construction Freddie Mac |
|---|---|
| Size |
$33 Million Affordable Housing |
| Client & Transactional Partners |
Dominium Holding II, LLC |
Summary
KeyBank Community Development provided a tax exempt construction loan for $33M and a $25.5M Taxable Loan (Equity Bridge). The permanent financing was provided by KeyBank’s commercial mortgage group in the form of a $25.7M Forward Commitment from Freddie TEL program. Bonds were issued by the Housing Authority of DeKalb County, GA. The Meridian will help 217 individuals and families with safe, affordable housing. The property is situated on an 11.95-acre site in Decatur, GA, and will include 49 one-bedroom, 82 two-bedroom, and 82 three-bedroom units. The income and rent will be restricted to 60% AMI. Construction is expected to take 22 months.
