Walton Communities announced that it has secured more than $14 million in financing through a deal with SunTrust Community Capital to build an 80-unit affordable housing community for seniors in Augusta, Ga.
Legacy at Walton Green is a partnership between Walton Communities and Augusta Housing Authority.
Financing for the project includes an $8.6 million low-income housing tax credit equity investment from SunTrust, $3.55 million equity investment from Walton Communities, and a $1.93 million loan from the housing authority.
“Augusta needs more affordable housing options for seniors, and this financing brings us one step closer to providing more options for this demographic,” said Dave Loeffel, head of affordable housing investments for Walton Communities. “We believe everyone deserves better housing no matter their stage in life, and that’s why we’re excited to announce we are one step closer to completing this important development.”
The new development, which will begin construction this month, will feature one- and two-bedroom units fitted with all modern appliances. There will be an onsite community room, a fitness center, and an arts and crafts room.
“Walton Communities has a strong reputation in the Southeast for building desirable communities that meet local needs,” said Paul Woodworth, president of SunTrust Community Capital. “This new development continues the company’s tradition of delivering high-quality and distinctive living options for every age and means, and we are pleased that SunTrust Community Capital can help make this happen.”
Headquartered in Marietta, Ga., Walton develops, owns, and manages apartments communities throughout metro Atlanta and Augusta.
