Anatomy of a Deal
Affordable housing gets a healthy makeover
Lender: Capital One
Borrower: Jonathan Rose Companies
Financing: Healthy Housing Rewards™ Healthy Design, Green Rewards, MBS as Tax-Exempt Bond Collateral (M.TEB)
222 units
Property details
1950
with substantial rehabilitation in 1980
Year built
$23.1 million
Loan amount
The challenge
![](/sites/g/files/koqyhd211/files/2020-12/challenge-atlanta.jpg)
Formerly called Edgewood Court, Amani Place is in the Edgewood area of Atlanta and was originally built in 1950. In 2017, the property needed serious repair and upgrades that totaled $18 million.
The solution
![](/sites/g/files/koqyhd211/files/2020-12/solution-atlanta.jpg)
We partnered with Jonathan Rose Companies and Capital One to provide a better environment for residents. The financing package included Healthy Housing Rewards™ Healthy Design, a new product offering that was paired with Green Rewards and the M.TEB execution. The loan also received $28.6 million from other sources, bringing total development costs to $51.7 million.
The result
![](/sites/g/files/koqyhd211/files/2020-12/result-atlanta.jpg)
Amani Place has improved in safety, efficiency, and affordability. Amenities like a community garden, outdoor seating, new playgrounds, and a gym make the property healthier for residents. Energy and water savings are projected to be $175,000. Lastly, the transaction preserved 204 Section 8 units and created an additional 18 affordable units via 4% LIHTC tax credits, restricting all units to 60% Area Median Income.
Financing affordable housing is critical to our mission. We think you can do good for society and also do well from a business perspective.
Michael Winters
VP of Lender Relationships and Affordable Housing, Seniors Housing, and Structured Transactions, Fannie Mae
![](/sites/g/files/koqyhd211/files/2020-12/michael-winters.jpg)