URBAN RESIDENTIAL FINANCE AUTHORITY $17,000,000 Tax Exempt
Loan
Madison Reynoldstown
PURPOSE: To approve up to $17MM tax-exempt loan and $2MM BAHTF
Grant to finance new construction of 116 units of multifamily
housing.
LOCATION: 890 Memorial Drive SE, Atlanta, GA 30324 OWNERSHIP
ENTITY: RVG Reynoldstown II, Limited Partnership DEVELOPER: Rea
Ventures Group, LLC & Atlanta Housing COUNCIL DISTRICT: 5 NPU:
N TYPE: Multifamily SET ASIDE UNITS: 77 units @ 60% AMI and below
DESCRIPTION: Madison Reynoldstown is in the Reynoldstown community.
Amenities
include: community room, business center with computer stations,
fitness center, central laundry facility and access to public
transportation.
UNIT MIX: Apartment Unit # Units Type Size (SF) Rental 7 40% 1
bdrm 700 $404 2 40% 2 bdrm 980 $448 17 *40% 1 bdrm 700 $685 10 *40%
2 bdrm 980 $784 3 *40% 3 bdrm 1,100 $867 23 60% 1 bdrm 700 $685 12
60% 2 bdrm 980 $784 3 60% 3 bdrm 1,100 $867 24 80% 1 bdrm 700 $965
12 80% 2 bdrm 980 $1,121 3 80% 3 bdrm 1,100 $1,256 116
*Atlanta Housing HomeFlex Units
DEVELOPMENT BUDGET: Sources Uses Tax Exempt Bonds $14,500,000
Hard Costs $19,011,163 Atlanta Housing $2,300,000 Contingency
$831,323 BAHTF Grant $2,000,000 Soft Costs $1,660,066 Federal Tax
Credit Equity $3,902,360 Financing $976,703 State Tax Credit Equity
$ 2,106,172 Interim Expenses $977,200 Deferred Developer Fee $
1,702,172 Syndication Expenses $35,000 Total Construction Sources $
26,510,704 Reserves $619,249 Developer Fee $2,400,000 Permanent
Debt $12,500,000 Total Uses $26,510,704 Federal Tax Credit Equity
$8,004,638 State Tax Credit Equity $4,900,799 Deferred Developer
Fee 1,105,267 Total Permanent Sources $26,510,704
