In the popular East Lake community of Atlanta, DaVinci Development has partnered with the Atlanta Land Trust (ALT) to create permanently affordable housing. The Trust at East Lake project is a ground-up development that will consist of 40 residential units (townhomes and duplexes). Half of the units will be reserved for families making at or below 80% of the Area Median Income (AMI) and the other half for families making at or below 120% of AMI. The Trust at East Lake uses the community land trust model to keep its homes permanently affordable.

When first engaged, DaVinci Development provided pro-bono work to ALT through investment insights and research, due diligence work, financial modeling, and budget forecasting to help aid in initial discussions with the land donor, The CF Foundation. DaVinci Development was later engaged as managing development partner, completing pre-development and acquisition activities with ALT including design and site planning, land up-zoning, financial strategy, and land closing. Our team led efforts to secure the site’s Brownfield designation, grant funding, and construction loan sourcing and closings, including the senior revolving loan from The Reinvestment Fund and a 50% forgivable mezzanine loan from Invest Atlanta’s Housing Opportunity Bond Program. DaVinci Development worked alongside ALT to secure a combined nearly $2M in subsidy from The East Lake Foundation, The Joseph B. Whitehead Foundation, The Georgia Power Foundation, The Brownfield Revolving Loan Fund, and the Wells Fargo WORTH grant.

DaVinci Development is now charged with operational and development management strategy and oversees all construction activity, third-party vendor operations, contracts, and negotiations.  In addition, our team heads up Brownfield and loan compliance, as well as other entity operational management activities while coordinating with ALT and a selected broker team on sales strategies and efforts supporting the Project’s financial – and ultimately community – goals.