BWE, a national commercial and multifamily mortgage banking company, closed a $4.5 million long-term loan for Legacy at Walton Trail, a newly constructed affordable seniors housing development in Villa Rica, Georgia (Atlanta MSA). The loan 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. Victor Agusta, Jr., Executive Vice President in BWE’s Raleigh, North Carolina office, originated the Freddie Mac Targeted Affordable Housing loan on behalf of the borrower, Walton Communities.
Built on the site of obsolete public housing, Legacy at Walton Trail comprises 90 one- and two-bedroom apartments for seniors 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. The property also includes amenities for residents, including a community garden, community room, grilling areas and a private fitness room.
