Dominium Announces the Successful Closing on Ashlynn Ridge
Congratulations to our client, Dominium, for closing and beginning construction on Ashlynn Ridge, an affordable, over 55, multi-family development on Newnan Crossing Bypass in Newnan, Georgia.
APR 8, 2021 | Click here to read article on Dominium Property News
Dominium, regionally located in Atlanta, Georgia, is excited to announce the
start of construction on its Newnan, Georgia property
Dominium in partnership with The Searles Foundation has begun construction on Ashlynn Ridge, its first construction project in Newnan, Georgia.
Upon completion in Fall 2022, the $45 million development will provide 202 apartment homes of high-quality affordable housing to adults 55+ in the Newnan, Georgia community. It will also provide significant facilities and services specifically designed to meet the physical and social needs of older persons including a garden and courtyard, walkaways, benches, grilling areas. Additional amenities will include a fitness center, business center, card and craft room, theatre, beauty salon and laundry facilities. Residences will include granite countertops, solid cabinetry, stainless-steel Energy Star appliances and walk-in closets.
Development partners include the City of Newnan, WD Construction, Martin Riley Associates, Vaughn & Melton, Winthrop & Weinstine, Colliers and First American Title. The financing of this project was made possible with a Freddie Mac Forward TEL serviced by Berkadia and a tax-exempt construction loan and taxable equity bridge loan, both serviced by Synovus Bank. The project also received an allocation of 4% federal and state affordable housing tax credits from the Georgia Department of Community Affairs (DCA), which were purchased by Synovus Bank and Monarch Private Capital, respectively.
Dominium received Tax-Exempt Bonds for the project issued by the Housing Authority of the City of Newnan, Georgia.
"With so many people still affected by challenges of the COVID-19 pandemic, access to a comfortable, quality, affordable home has never been more important," said Dominium Vice President and Project Partner Mark Sween. "We are grateful to be in the position to support affordable housing development and look forward to continued growth in Georgia."