Feature Debt

CDT: A National Resource

INVESTMENTS

Retreat at Mills Creek
Scottdale, Georgia

Highlights

Funded in December 2017, CDT provided a $1.7 million permanent financing to Retreat at Mills Creek in Scottdale, GA, a suburb of Atlanta. Completed in mid-2017, this mid-rise, 80-unit senior rental development is ground leased to the borrower for 99 years by the Housing Authority of DeKalb County (HADC), which is co-developer of the site and managing member of the general partner. The project is part of a multi-phase HADC development. NorSouth Development Company of GA, LLC is HADC’s co-developer. The property was financed with federal and state credits. Hudson Housing Capital syndicated the LIHTC credit with Bank of America. Gardner Capital syndicated the state credits. In addition to the LIHTC equity, the property received two subordinate loans from HADC.

The Retreat at Mills Creek is an 80-unit affordable senior (62 years and older) rental property consisting of one new construction four-story building on 2.4 acres in Scottdale, GA. Prior to construction, the site was part of the 55-acre Tobie Grant Manor public housing project built in the late 1960s. The property is the third of four phases of the Village at Mills Creek Redevelopment Plan, which began in October 2014, and will ultimately add 380 affordable rental units and at least 118 residential units for sale. CDT converted its forward commitment for the first phase of the redevelopment, The Reserve at Mills Creek, in May 2017. The Reserve is a 100-unit, senior rental property utilizing HUD’s RAD program.

The development is a four-story mid-rise building, with interior access corridors and central elevators. All units feature nine-foot ceilings, large walk-in closets, Energy Star appliances, washer/dryer connections, and full kitchen packages including a frost-free refrigerator with ice maker, electric stove, in-sink disposal, and dishwasher. The Property also features a fitness center, laundry room, community room, computer center, covered porch and an outdoor gazebo. All interior amenities, as well as the management office, are housed within the building. Four units are designated for handicapped or audio/visual impaired occupants.