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Atlanta BeltLine Contributes to Affordable Apartments

Atlanta BeltLine, Inc. (ABI) contributed $2 million towards Skyline Apartments, 250 affordable housing units set to rise at 1090 Hank Aaron Drive in south Atlanta. The financial closing, which took place on February 18th, puts ABI at 53% of its affordable housing goal of 5,600 units in the BeltLine TAD as outlined in the 2005 founding legislation.

Situated directly on the Southside Trail in Peoplestown, Skyline Apartments joins several other affordable housing developments representing more than 600 apartments underway in the area.

“We’re proud that ABI, alongside our partners, has now exceeded 50% of our affordable housing goal,” said Atlanta BeltLine, Inc. President & CEO Clyde Higgs. “We continue to aggressively build the pipeline of housing around the Atlanta BeltLine and explore new avenues to help residents remain in their homes.”

All 250 apartments, including 46 studios, 101 one-bedroom apartments, and 103 two-bedroom apartments, will be available to families earning 60% or below the Area Median Income (AMI) for an affordability period of at least 15 years. The structure will consist of two residential towers, a rooftop recreational area, as well as a connecting ground floor with parking for residents and commercial spaces.

Onsite amenities include an outdoor pavilion, fitness center, centralized laundry services as well as access to the MARTA Summerhill bus rapid transit route set to open in 2024, linking the BeltLine to downtown Atlanta via Hank Aaron Drive.

The Skyline Apartments development is part of a larger multi-phase public-private partnership investment in the Peoplestown Area. Rezoned to provide the community with 1.8 million total square footage, the several phases of development will consist of 875 apartments, 100,000 square feet of retail space, parking and abundant green space designed collectively with the city and the community.

The developer, led by Exact Capital Group, LLC, and Aleem Construction estimates Skyline Apartments to reach completion in 2023. In addition to the $2 million contribution from the Atlanta BeltLine, the developer received a tax-exempt bond issuance from Invest Atlanta’s Urban Residential Finance Authority, low-income housing tax credits from the Georgia Department of Community Affairs, as well as funding from Local Initiatives Support Corporation (LISC).

“Our development of Skyline Apartments in Atlanta is consistent with Exact Capital’s track record of creating and preserving affordable housing through public-private partnerships that add value to neighborhoods and strengthen the economic and social fabric of communities,” said Craig Livingston, managing partner of Exact Capital.

This segment of the Southside Trail, between I-75/85 and Boulevard, received a RAISE grant from the U.S. Department of Transportation to help fund construction. With construction to start in 2023, this segment is open to the public in an unpaved state.

The much-anticipated development also received generous support from financial lenders and investors from across the country, paving the way for continued affordable housing in historic Atlanta neighborhoods. Support for Skyline Atlanta includes:

  • $56 million construction loan from Goldman Sachs.
  • A permanent Fannie Mae loan courtesy of Walker Dunlop.
  • $35 million in Federal Low Income Housing Tax Credits.
  • A $21 million investment from Stonehenge Capital in State Low Income Housing Tax Credit Equity.
  • Support from the True Fund Impact Developers Fund through a preferred equity investment.

Created in 2005, funding for developments like Skyline Apartments comes from the Atlanta BeltLine Affordable Housing Trust Fund (BAHTF). The BAHTF contributes to the creation and preservation of affordable units within the BeltLine Tax Allocation District (TAD). The TAD is a financing tool projected to cover approximately a third of the costs to build out the Atlanta BeltLine.

To date, ABI has partnered with organizations to create or preserve 2,977 affordable units within the TAD. In the broader BeltLine Planning Area, a total of 4,683 affordable units have been created or preserved within walking distance of the Atlanta BeltLine. ABI exceeded its annual goal in 2021, set forth as 320 affordable units for the year, with 366 units closed.

Within the Peoplestown neighborhood, The Milton is now pre-leasing 156 new affordable apartments. Near the future Westside Trail, in the Bankhead/Historic Westin Heights neighborhood, 182 affordable units are now available for lease at Parkside. Both developments were funded with contributions from the BeltLine Affordable Housing Trust Fund.

ABI, in conjunction with Atlanta BeltLine Partnership (ABP), also administers the Legacy Resident Retention Program (LRRP). This program provides financial assistance to cover property tax increases for qualifying homeowners through 2030 and help alleviate displacement pressures.

About Exact Capital

Based in New York, Exact Capital is a diverse national real estate development firm with 20 years of experience in the development, acquisition, finance and construction of mixed-use, multifamily affordable residential and commercial real estate. With a clear focus on providing and preserving affordable housing throughout the United States, Exact Capital is renowned for the new Marriott Hotel and neighboring mixed-income residential tower over the historic Harlem Victoria Theater.

About Atlanta BeltLine, Inc.

The Atlanta BeltLine, Inc. vision is to be the catalyst for making Atlanta a global beacon for equitable, inclusive and sustainable city life. As one of the largest, most wide-ranging urban redevelopment programs in the United States, the Atlanta BeltLine is building a more socially and economically resilient Atlanta with our partner organizations and host communities through job creation, inclusive transportation systems, and affordable housing and public spaces for all. For more information on the Atlanta BeltLine, please visit www.BeltLine.org.

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Raul Castro ESQ

Counsel Fund Development
Raul is a seasoned attorney with extensive experience in both Big Law and in-house counsel roles, providing legal advisory services to Exact Capital. He specializes in advising broker-dealers and registered investment advisors on a broad range of regulatory, compliance, and securities law matters

Kevin J Ollie

Director - Business Development, Board Member. Kevin
joins Exact Capital as a distinguished member of the business development team, bringing over three decades of leadership , expertise and wealth of experience from his distinguished 25 career in professional basketball and coaching. Kevin’s commitment to excellence and his ability to foster strong relationships have been evident throughout his career. His experience in high-pressure environments and his proven track record of success make him an asset to Exact Capital as we continue to expand and innovate in the industry.

Lamar D. Williams,

Managing Director - Co-Partner Fund
Lamar brings over 25 years of financial sector expertise to Schulman Lobel CPA LLP. His distinguished career includes roles such as Managing Director at Cherry B Holland CPA, LLP, and Managing Partner of Sports and Entertainment at Berenfeld, Spritzer, Schecter, and Sheer CPA. In his current role, Williams focuses on acquiring GP and LP capital, leveraging his deep knowledge in business management, tax strategy, and cost segregation.

Renee Franco,

VP of Asset Management
With over 30 years in the multifamily industry, Renee Franco specializes in asset management, covering development, renovation, and lease-ups. Holding a Master’s in Business Management, she is a Certified Apartment Manager (CAM) and holds several industry certifications. As President of the Tennessee Association of Affordable Housing, Renee advocates for affordable housing policies and initiatives.

Brett Jureller

Director of Development - Design and Construction
Brett leads design and construction for Exact Capital, handling pre-construction, budgeting, and project management. Specializing in multifamily and mixed-use development, he has overseen projects totaling over $1 billion. Brett’s experience includes roles at Cape Advisors and JDS Development, and Turner Construction. He holds a Bachelor’s from Bucknell University and a Master’s in Real Estate Development from New York University.

Michael Callaghan,

Partner at Exact Capital
Michael Callaghan, Partner at Exact Capital Michael, as Partner, directs development, property management, and construction at Exact Capital. He manages real estate development across various asset classes, focusing on sourcing, negotiation, and financing. Michael plays a key role in building relationships with governmental agencies, banks, and community groups, essential for the firm’s development success.

Jack Heaney

Director of Real Estate Development
Jack oversees Exact Capital’s development pipeline, managing due diligence, feasibility, financing, and marketing. With over a decade in real estate development, previously he founded Fulcrum Properties and Architecture, focusing on sustainable mixed-use and affordable housing. An executive advisory member of the Urban Land Institute, Jack holds a Bachelor’s in Architecture and a Master’s in Real Estate Development from Columbia University.

Craig Livingston

Managing Partner, Exact Capital
Craig Livingston serves as the Managing Partner of Exact Capital, where he oversees the firm’s development activities, including structuring, negotiating, financing, and managing real estate ventures. With extensive experience in the industry, Mr. Livingston has advised, structured, and executed financing for numerous transactions within the firm’s real estate portfolio, totaling over $1.5 billion across multifamily, retail, and hospitality assets. As Chair of Exact Capital’s Investment Committee, he has spearheaded the firm’s regional expansion beyond New York, identifying strategic opportunities in emerging markets. Beyond his leadership at Exact Capital, Mr. Livingston is deeply involved in the real estate community. He serves as Board Chair of the New York Real Estate Chamber (NYREC), a consortium of diverse real estate developers throughout New York City and State. Mr. Livingston holds a Bachelor’s degree from the University of Connecticut and earned his MBA from Columbia Business School. He began his career at Booz Allen before moving into the financial sector at Goldman Sachs.