URBAN RESIDENTIAL FINANCE AUTHORITY $40,000,000 Tax Exempt
Bond
Lifehope at Cornerstone
PURPOSE: Demolition and acquisition of a liquor store, gas
station, restaurant, and dry cleaners to construct a mixed-use
property consisting of retail, medical offices and 118 elderly
assisted living units.
LOCATION: 1895 Peachtree Road NE, Atlanta, GA 30309
OWNERSHIP ENTITY: Cornerstone RH Medical Building SPE, LLC
DEVELOPER: Richmond Honan Development and Acquisitions, LLC
COUNCIL DISTRICT: 6 NPU: E
TYPE: Mixed Use – Retail, Medical Offices & Elderly Assisted
Living
SET ASIDE UNITS: 24 units @ 50% AMI
DESCRIPTION: The tract includes an assemblage of 3.4 acres along
Peachtree St. spanning the lighted intersection with Collier Rd.
The main drive will be traffic light controlled with access to
Peachtree St. and will be in line with Collier Road. The mixed-use
building will be 7 stories with 3 floors of below ground parking.
The building will total 160,000 SF of usable space and will combine
a mixture of retail (17,000 SF), medical office (53,000 SF), and
assisted senior living (90,000 SF). URFA will finance only the
elderly assisted living component. The frontage along Peachtree
Road will be entirely reconstructed to have large pedestrian
sidewalks and landscaping. A surface parking lot and dual drive
thru will be provided behind the building for use by the existing
Chick-fil-A restaurant.
DEVELOPMENT BUDGET: Sources Uses
Tax Exempt Bond $37,740,000 Acquisition $5,910,000
Private Equity $7,400,000 Hard Costs $22,405,411
Total Construction Sources $45,140,000 Contingency
$2,300,000
Soft Costs $1,837,500
Financing $1,344,940
Interim $4,207,700
Reserves $6,818,085
Developer Fee $316,364
Total Uses $45,140,000
CONSTRUCTION PERIOD:
24 Months
FINANCING STRUCTURE: Tax Exempt Bond
FINANCING PARTIES: URFA (Tax Exempt Bond), Private Equity via
Piper Jaffray Companies
