KeyBank Community Development Lending and Investment provided a $29.7 million construction loan and KeyBank Real Estate Capital provided a $12.2 million Freddie Mac Tax Exempt Loan for Prestwick Development, an Atlanta-based real estate developer, to construct an affordable multifamily property in Acworth, GA. In addition to the financing from KeyBank, the property benefits from the issuance of a tax-exempt loan by The Development Authority of Bartow County and four percent LIHTC allocated by the Georgia Department of Housing and Community Development.
“The Chadwick fulfils Prestwick’s mission by providing high-quality affordable and workforce housing in an area with great need for more housing options,” said Jody Tucker, founding partner and CEO of Prestwick Companies. “The development will be a part of the gateway leading into southern Bartow County and the Glade Road corridor. We are grateful to our partners at the Georgia Department of Community Affairs, Bartow County and KeyBank for helping us deliver this community.”
