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.