June 12, 2019

Celebrating the Financial Closing of Quest Commons West in Atlanta, Georgia

A building

Enterprise wants to Congratulate Quest Community Development Organization on the financial closing of Quest Commons West in Atlanta, Georgia! This newly constructed development will provide 53 homes for families in the heart of Atlanta’s Westside. The three-story property will consist of 13 one-bedroom homes, 29 two-bedroom homes and 11 three-bedroom homes; each including in home dishwasher, vinyl plank flooring, a microwave and a refrigerator. The neighborhood consists largely of single-family homes, small local businesses and churches and offers the convenience of being within a two-mile radius of several retail centers, a grocery store, pharmacy and a Walmart. Public transportation is also convenient with numerous bus stops in the neighborhood, the closest being only .1 miles away.

Financing 

Construction financing includes a $6.5 million variable from Bank of America Merrily Lynch combined with a $2 million fixed from TCAP.  Permanent financing includes a $2 million must pay loan from Department of Community Affairs combined with an $800,000 contingent from City of Atlanta as well as $1.5 million from Westside Future Fund.  Enterprise is providing $12,222,650 million in equity.
 

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