Work is set to begin on a 250-unit affordable-housing community on the BeltLine’s Southside Trail.
The Skyline Apartments are slated to rise 11 stories on an undeveloped stretch of Hank Aaron Drive SE and carry a total capitalization of $85 million, according to a press release.
The community is part of a larger, multi-phase public-private partnership in the Peoplestown area that will ultimately bring 1.8 million square feet of development, including 875 apartments, 100,000 square feet of retail, parking and green space.
This is an exciting project, right on the Beltline, that enjoys tremendous support from the Mayor’s Office, the City Council and the Peoplestown community,” said Craig Livingston, managing partner of Exact Capital, a New York-based developer that is leading Skyline. “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.”
All of Skyline’s 250 units will be affordable and have rents restricted at 60% area median income. The development’s two residential towers will share a connecting ground floor of commercial space and parking for residents, as well as a rooftop recreation area. The unit mix will comprise 46 studios, 101 one-bedroom and 103 two-bedroom apartments.
Communal amenities include a fitness center, an outdoor pavilion and centralized laundry facilities for residents. MARTA’s Summerhill bus rapid transit route will connect downtown with the BeltLine via Hank Aaron Drive when it opens in the summer of 2024.
Financing will be provided by a consortium of lenders and investors, including Goldman Sachs, which has provided a $56 million construction loan. Walker Dunlop has arranged a Fannie Mae permanent loan, while Invest Atlanta’s Urban Residential Finance Authority provided a $40 million tax exempt bond issuance.
Funding also includes Federal Low Income Housing Tax Credits of $35 million, and Stonehenge Capital has invested $21 million in State Low Income Housing Tax Credit Equity. The Local Initiatives Support Corp. has provided a $1.75 million loan, and the Atlanta BeltLine Affordable Housing Trust Fund provided a $2 million grant. Additional support was provided by True Fund’s Impact Developers Fund through a preferred equity investment.
“The Goldman Sachs Urban Investment Group is proud to play a leading role in this project that addresses the increasing need for affordable housing in Atlanta,” said Yarojin Robinson, managing director in Goldman Sachs Asset Management’s Urban Investment Group. “Skyline Apartments will contribute to the economic security of families in a historically Black neighborhood, ensuring that our communities are places of opportunity for years to come.”
