ATLANTA — BWE has originated a $14.2 million Freddie Mac Forward tax-exempt loan for Villages at Carver, a 220-unit mixed-income community in Atlanta. The borrower was not disclosed. The loan will be used to fund renovations and permanent financing for the garden-style community. The loan features an 18-year fixed rate with two years of interest-only payments and has a 40-year amortization. As part of the recapitalization of the property, the Georgia Department of Housing and Community Affairs also allocated new four percent Low-Income Housing Tax Credits.
Villages at Carver is a garden-style community that offers one-, two-, three- and four-bedroom apartments. Amenities include a dog park, playground, gazebos, pool, sun deck, picnic area, fitness center and business center. Of the total 220 units, 66 will be available at market rate.
The remaining 154 units will be reserved for tenants earning at or below 60 percent of the area median income (AMI). Additionally, 66 of the LIHTC units will be designated as Rental Assistance Demonstration units for residents earning 50 percent of AMI, 44 of the LIHTC units are designated Section 18 units for residents earning up to 50 percent of AMI and the remaining 44 LIHTC units will be unsubsidized at 60 percent of AMI.