Dominium Announces the Land Closing for Two Affordable Housing Developments in Atlanta

Property News

The developer’s first new construction developments in Atlanta proper will provide a combined 484 affordable apartment homes

Dominium, a leading national affordable housing owner, developer and manager, announced today the closing of the land sale to construct two new affordable housing communities in Atlanta: Briar Park and The Paramount. Located at 3223 and 3263 Greenbriar Parkway, Briar Park will provide affordable housing to seniors aged 55 years and older while The Paramount will be Dominium’s second new affordable family housing development in the state.  The two developments will provide a combined 484 affordable apartment homes to Atlanta’s Greenbriar neighborhood.

Briar Park and The Paramount are Dominium’s first new construction developments within the city of Atlanta proper. Construction of the developments will begin in April 2022, with a targeted grand opening date of early 2024. Expected development costs for the two projects total $135 million.

Financing for Briar Park and The Paramount includes tax-exempt and taxable construction loans from KeyBank, Freddie Mac forward tax-exempt loans serviced by KeyBank, and investments in the federal low-income housing tax credits and state low-income housing tax credits by Polaris Capital Investments and Monarch Private Capital, respectively. Additionally, the Georgia Department of Community Affairs assisted with the allocation of low-income housing tax credits, and the Urban Residential Finance Authority (Invest Atlanta) acted as the issuer of tax-exempt private activity bonds.

Development partners include the City of Atlanta, Winthrop & Weinstine, Commercial Partners Title, Colliers Securities, the Searles Foundation, AEC, and Bessolo Design Group. The projects will be the first to be built by H.J. Russell & Company & DCAS, LLC, a joint venture between DCAS and H.J. Russell & Company.

Dominium is grateful for these partners who made it possible to close this transaction and to all who will be involved in this important project in the future.