Commercial Real Estate
Category: Commercial Real Estate
Savannah Business Journal Staff Report
December 7, 2016 - Walton Communities, a privately held company that develops, owns and manages apartment communities throughout metro Atlanta and Augusta, announced that it secured more than $14 million in financing through a deal with SunTrust Community Capital (STCC). The proceeds will be used to construct an affordable, 80-unit senior living apartment complex in Augusta, Ga. The development is a partnership between Walton Communities and Augusta Housing Authority.
Financing for the project includes an $8.6 million federal equity investment from STCC, $3.55 million equity investment from Walton Communities and a $1.93 million loan from Augusta Housing Authority.
“Augusta needs more affordable housing options for seniors and this financing brings us one step closer to providing more options for this demographic,” said Dave Loeffel, head of affordable housing investments for Walton Communities. “We believe everyone deserves better housing no matter their stage in life, and that’s why we’re excited to announce we are one step closer to completing this important development.”
The new senior living apartment complex will feature one and two bedroom units fitted with all modern appliances. There is an onsite community room, fitness center, and arts and crafts room.
“Walton Communities has a strong reputation in the Southeast for building desirable communities that meet local needs,” said Paul Woodworth, president of SunTrust Community Capital. “This new development continues the company’s tradition of delivering high quality and distinctive living options for every age and means, and we are pleased that SunTrust Community Capital can help make this happen.”
Walton Communities will begin construction in December and is expected to complete work by January, 2018.
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