Financing secured for housing for multigenerational families in need
LOS ANGELES: Financing has now been secured for housing for multigenerational families in need of help.
Plans for a 10-story mixed-income development took a major step forward in Atlanta.
Berkadia announced that it recently closed $23.3 million in financing for the 218-unit Trinity Central Flats development that will help reshape the downtown landscape.
Located across from City Hall, the development will offer a mix of studio, one-, two-, and three-bedroom units along with 6,721 square feet of ground floor commercial space. The property will provide new conveniently located affordable housing for residents with incomes at or below 50%, 60%, and 80% of the area median income.
Spearheaded by managing director Carolyn Whatley and director Angela Folkers of Berkadia’s Federal Housing Administration/Department of Housing and Urban Development (HUD) group, the financing was arranged on behalf of Radiant Development Partners (RDP) and EQH Trinity Flats (EQH).
The 40-year, fully amortizing, non-recourse loan closed in December.
The development also leverages federal and state low-income housing tax credits, tax-exempt bonds, and municipal support.
Sharon D. Guest, founder and principal of Atlanta-based RDP leaned into her nearly 30 years of experience and relationships in the affordable housing space, assembling a team of committed to taking Trinity Central Flats from a vision to reality. Also critical to the path to closing are the commitments to deliver rental housing by the city of Atlanta and HUD’s Southeast multifamily housing team.
“We’re thrilled to celebrate the financial closing of Trinity Central Flats— a dynamic, mixed-use affordable housing community,” said Guest. “With Berkadia serving as our lending partner, this $88.7 million project—powered by an innovative capital stack from eight funding sources—shows how strong public-private partnerships can spark transformative change and deliver high-quality, affordable homes for families.”