UNION CITY, GA. — Capital One Multifamily Finance has provided an $8.6 million HUD 221(d)(4) loan for the construction of Providence at Parkway Village, a 150-unit affordable rental community for seniors. The age-restricted property will be located in Union City, part of the Atlanta MSA. Carolyn Whatley of Capital One originated the transaction on behalf of the developer, The Benoit Group. John Rucker at Merchant Capital was the bond underwriter for the loan, which features a construction period of 16 months and a 40-year amortization schedule. Providence at Parkway Village is Phase III of the master-planned Parkway Village, which includes two other multifamily properties delivered in 2009 and 2011. In addition to the HUD loan, the project is being financed through tax-exempt bonds, a tax credit equity investment facilitated by Raymond James and the Low Income Housing Tax Credit, a HOME loan from the Georgia Department of Community Affairs and a loan from the Housing Authority of Fulton County.
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