Advantage Capital has closed on the financing for three affordable-housing developments in Atlanta and Lawrence.
Together, the projects will bring 623 units to market for families and seniors earning at or below the household area median income.
Advantage Capital, which bills itself as an “impact investment firm with an emphasis on driving capital to underserved areas,” used more than $53 million in state low-income housing tax credits (LIHTC) to finance the developments:
- The Flats at Stone Hogan in Atlanta, a $99.9 million new construction, 256-unit multifamily development.
- The Villas at Stone Hogan in Atlanta, a $68.9 million new construction, 192-unit, 55-plus development.
- Applewood Towers in Lawrenceville, a proposed acquisition and rehabilitation of Applewood Towers I and Applewood Towers II. Both properties were built with HUD Section 202 financing and serve seniors 62 and older.
“Residents in Georgia, including seniors, face a significant challenge amid rising housing and rental costs, limited housing availability and other barriers,” Advantage Capital Vice President Tori Cook said in a press release. “We are pleased to be working with LIHTC developers to help address the affordable-housing shortage in Georgia and ultimately provide individuals and families in the state with more options.”
The developer for the Stone Hogan properties is Zimmerman Properties, and the developers for the Applewood Towers property are Mansermar Development and Rebuild America.