Working with the Marietta Housing Authority, Walton Communities, a developer of multifamily housing, including affordable, active- adult residential projects, sought to redevelop a nine-story age-restricted community in historic downtown Marietta, Georgia, near Atlanta. Walton needed legal guidance in financing its ownership stake and the redevelopment, and called on Arnall Golden Gregory because of its expertise in facilitating public-private affordable-housing developments.
Arnall Golden Gregory, working alongside the Marietta Housing Authority (MHA) and Walton Communities, provided insight and legal guidance in structuring the deal, negotiated legal issues and closed the complex financing for the $18.5 million redevelopment. AGG attorneys handled a long-term ground lease of land owned by the MHA and helped form joint venture entities that held ownership of the long-term leasehold estate. This structure helped enable the joint venture to utilize low-income housing tax credit equity financing, which, when combined with a HUD/FHA insured loan and a subordinate Community Development Block Grant, provided the necessary funding to complete the redevelopment.
A successful closing on the multilayered financing was achieved, and after 12 months of rehab work by the developer, approximately 100 residents (62 and older) moved back into the 150-unit community, renamed Walton Renaissance on Henderson. The Earthcraft sustainable green project features “upscale” affordable, active-adult living. New amenities include an exercise room, movie theater and more shared space. “I love it. It’s the best thing that could ever happen to me,” a new resident who had been living with her daughter told the Marietta Daily Journal.