Berkadia Secures $11M Fannie Mae Financing for Intrada Westside Affordable Housing Project in Atlanta
ATLANTA — Berkadia has secured $11 million in financing for the development of Intrada Westside, a 143-unit affordable housing property in Atlanta. Carolyn Whatley, Lloyd Griffin and Frank Brown of Berkadia secured financing on behalf of the developer, Missouri-based Vecino Group. The $11 million forward commitment for permanent financing through Fannie Mae’s MTEB Program features a 15-year term with a 35-year amortization schedule. The property is planned to be constructed over a period of 18 months.
Located in Grove Park, the Intrada Westside site offers access to Donald Lee Hollowell Parkway Northwest, which connects the primary area to downtown Atlanta. Amenities will include a leasing center that includes spaces for a fitness and business center, as well as a central laundry room, elevators, a playground, picnic and outdoor seating areas. The development also has 9,000 square feet of retail space.
Intrada Westside’s site is in a Qualified Census Tract, Opportunity Zone and the Hollowell Tax Allocation District. The affordable restrictions will accommodate families who earn 50, 60 and 80 percent of area median income (AMI) and 25 units will receive project-based rent subsidy designated for homeless youth between the ages of 18 and 24.
Vecino Group helped bring together the public and private partnership with the Department of Community Affairs, Invest Atlanta, Partners for Home and the Atlanta Housing Authority.