In March 2019, CDT funded a $4.7 million permanent loan to Breckinridge Oaks Apartments, a newly constructed senior development in Duluth, Georgia. Breckinridge Oaks provides 110 mixed-income residential units for seniors aged 62, with two four-story elevator buildings developed over a 5.25-acre site. The development features several amenities including a community room, exterior covered porch, on-site laundry, furnished exercise/fitness center, and a community garden.
One Street Development and Charlotte-Mecklenburg Housing Partnership, Inc. served as co-developers for Breckinridge Oaks. Since 1986, One Street Development has built more than 125 communities primarily in the southeast. CDT has financed three other properties with One Street Residential over the past two years. This transaction is CDT’s first financing with the Charlotte-Mecklenburg Housing Partnership.
In addition to CDT’s permanent loan, Breckinridge Oaks was financed with LIHTC credits syndicated by RBC Capital Markets. Sun Trust Bank provided the construction lender for the development.