Exact Capital, a national commercial real estate development firm, is leading a public-private partnership developing 250 units of affordable housing in Atlanta.

The new affordable community, Skyline Apartments, will rise on an undeveloped stretch of Hank Aaron Drive SE, a mile and a quarter from downtown Atlanta. The development has a total capitalization of approximately $85 million.

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

“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.

“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 Mr. Livingston.

With an unobstructed view of the Atlanta skyline from most of the site, the 100 percent affordable Skyline Apartments will have rents restricted at 60 percent of Area Median Income (AMI.) The property will comprise an eleven-story building with two residential towers and a connecting ground floor of commercial space and parking for residents, as well as a rooftop recreation area. It will have 46 studio, 101 one bedroom and 103 two-bedroom rental units.

Amenities also include a fitness center, an outdoor pavilion and centralized laundry facilities for residents. Access to public transportation will be enhanced when MARTA’s Summerhill bus rapid transit route links downtown with the BeltLine via Hank Aaron Drive opens in the summer of 2024.

Skyline Apartments will be developed with financing from a consortium of lenders and investors including Goldman Sachs, which has provided a construction loan of $56 million. A Fannie Mae permanent loan has been arranged through Walker Dunlop. Invest Atlanta’s Urban Residential Finance Authority provided a $40 million tax exempt bond issuance. Funding also includes Federal Low Income Housing Tax Credits (LIHTC) of $35 million and Stonehenge Capital has invested $21 million in State Low Income Housing Tax Credit Equity. The Local Initiatives Support Corporation (LISC) has provided a loan of $1.75 million. The Atlanta BeltLine Affordable Housing Trust Fund (BAHTF) provided a grant of $2 million. 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 the Urban Investment Group within Goldman Sachs Asset Management. “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.”

“Walker & Dunlop is excited and honored to partner with Exact Capital, Goldman Sachs, Fannie Mae, and the other capital partners to provide financing for 250 units of affordable housing adjacent to Atlanta's burgeoning Beltline. The development team’s vision for this site directly correlates to the type of business that our firm will continue to support across the country. We couldn’t be more thrilled to see the finished project,” said John Gilmore, Managing Director, Real Estate Finance, Walker & Dunlop.

“We are proud to continue our longstanding commitment to investing in the creation of affordable housing through our partnership with Exact Capital,” said Whitney LaNasa, Senior Managing Director of Stonehenge Capital. “We hope and expect that Exact Capital’s development of the Skyline Crossing Apartments will have a significant positive impact on the Peoplestown neighborhood and its residents.”

“Financing affordable housing is definitely a team effort.  LISC is proud we were able to bring our nimble gap financing with flexible terms to support this impressive new development and a Black-led developer team,” said Dale Royal, Executive Director, Local Initiatives Support Corporation (LISC) Atlanta.  

“Exact Capital has a proven track record in affordable housing development and has forged strong community partnerships,” said James H. Bason, President and CEO of TruFund Financial Services, Inc. “Our Impact Developers Fund is so excited for the opportunity to have made an investment in Exact Capital to support its organizational growth trajectory including its efforts to develop affordable work force housing in Atlanta.”