The Woda Group, Inc. announces that construction is now underway for Mallalieu Pointe, a $13.5M development with 67 mixed-income apartment units, plus ground-level retail and commercial space in East Point, GA. It is one of the first affordable housing developments in the area projected to earn the LEED Gold certification by the U.S. Green Building Council. It is also within the East Point Main Street Corridor – Transit Oriented Development (TOD) Plan that was commissioned by the Atlanta Regional Commission in 2012. The Woda Group is co-developing Mallalieu Pointe with nonprofit Parallel Housing, Inc., of Athens, GA.
The primary source of funding for Mallalieu Pointe was made possible through the allocation of federal and state housing tax credits from the Georgia Department of Community Affairs. RBC Capital Markets is investing $12.5 million in equity in exchange for those credits. Bank of America provided other critical funding, including the construction loan ($10.7 million) and the permanent long-term debt loan ($525,000).
