Briarcliff Summit Apartments was originally built in 1924 as a hotel by Atlanta businessman Asa Chandler Jr., son of Asa Chandler the founder of the The Coca-Cola Company. This iconic historical structure operated as a hotel for many years but was converted into its current use as low income housing in the 1980s. The conversion of the property resulted in the creation of 201 units of affordable housing, comprised of a mix of studio, one bedroom and two bedroom aparments which serve elderly and disabled residents. It was also during this period that the property was placed on the National Register of Historic Places, solidifying its importance as a cultural and historic resource within the Virginia Highlands Neighborhood of Atlanta.
Briarcliff Summit Apartments
1050 Ponce de Leon Avenue
Atlanta, Georgia 30306
Office Hours: M-F 9:00 am-5:00 pm
First Mortgage Financing: Evergreen Partners worked with Grandbridge Real Estate Capital to secure new 1st mortgage financing through the HUD 221(d)(4) loan program.
Equity Financing: Equity was raised through the sale of the 9% Federal and State Low Income Housing Tax Credits and the sale of Federal and State Historic Tax Credits generated by the project to Wells Fargo Affordable Housing Community Development Corporation.
Other Key Financing: The City of Atlanta via Invest Atlanta provided a subordinate loan to the project to assist in the acquisition and renovation of Briarcliff Summit Apartments.
Section 8 Contract Renewal: Yes, a new 20-Year HAP contract effective November of 2012.
Over $11.850 million in total rehabilitation is planned for Briarcliff Summit Apartments, including:
Local Hud Office
Grandbridge Real Estate Capital
The Architectural Team
The Whiting-Turner Contracting Company