A new seniors housing community for low-income residents is being developed in Covington, Georgia, thanks to Freddie Mac financing arranged by PJ McDevitt of Greystone. Dominium Holdings, one of the largest affordable housing development/management companies in the country, is building the community, which will feature 198 total units with one-, two- and three-bedroom layouts. The properties will be located near the Newton County Senior Center, considered to be one of the most active senior centers in the state. That can only help both the fill-up and also the residents’ experience. Completion is expected sometime in 2021.
To fund the project, Dominium obtained a $15.8 million Freddie Mac Tax Exempt Loan through the agency’s Target Affordable Housing Program. The financing includes a 30-month forward period for the construction and then an 18-year term with a 35-year amortization period at a low, fixed interest rate.
