BWE, a national commercial and multifamily mortgage banking company, today announced the closing of a $4,500,000 loan to provide long-term financing to Legacy at Walton Trail, a newly constructed affordable housing development specifically targeted for seniors in Villa Rica, GA, part of the Atlanta metropolitan area.
Victor Agusta, Jr., Executive Vice President in BWE’s Raleigh, NC office, originated the Freddie Mac Targeted Affordable Housing loan on behalf of Walton Communities.
“The Legacy at Walton Trail is the result of many years of hard work and collaboration between the Villa Rica Housing Authority, residents, community leaders and Walton Communities to help transform a declining housing community into a beautiful, amenity-rich home for the city’s seniors,” said Agusta. “BWE looks forward to bringing financing to more transformative projects like this across the Southeast and country.”
Built on the site of obsolete public housing, Legacy at Walton Trail comprises 90 one- and two-bedroom apartments. The homes will be available to adults aged 55 or older who earn between 30% and 80% of the area median income. A portion of the units will also be subsidized with a long-term Section 8 contract.
Located at 490 Old Stone Road, Legacy at Walton Trail is just minutes away from downtown Villa Rica, giving residents easy access to the city’s offerings. The property also includes many amenities for residents, including a community garden, community room, grilling areas and a private fitness room.
The loan for Legacy at Walton Trail includes an 18-year term with a 35-year amortization. The property is also financed with 9% Low-Income Housing Tax Credits and a loan from the Housing Authority of Villa Rica.