Lincoln National Offers $8,500 Incentive to New Condo Buyers

The $8,500 is a combination of a credit of $6,500 for general upgrades and a credit of $2,000 for additional lighting, bathroom mirrors and towel bars. But "a buyer could use all of this [$8,500] toward the indicated items or they could use the money to cover closing costs and prepaid expenses," according to project manager Nevin Shrage.

In addition to the $8,500 "in this example, we would also credit the purchaser 0.8% of the purchase price to cover transaction costs [closing costs]," Shrage says. "While this varies from buyer to buyer, based on the type of loan they select, in general, the 0.8% will cover all of their transaction costs. So in this case, the buyer could use the $8,500 to cover prepaid costs which might be things like up to one-year HOA dues, interest on their loan and escrows for property taxes."

As a third option, a buyer "could elect to take the allowances offered to them as a price reduction," Shrage says. The one-bedroom and two-bedroom homes range from 869 sf to 2,360 sf.

Delaware Investments acquired Paces 325 in November 2004 from Batard Partners LLC, an affiliate of locally based European American Realty Ltd., for $47.7 million or $231,553 per unit. The project has 4,800 sf of ground-level retail. Lincoln National had set up the purchase deal before Paces 325 was constructed in early 2004, area brokers tell GlobeSt.com.

The property is at East Paces Ferry Road and Grandview Avenue, a location that is being transformed by fashionable projects such as Paces 325, Buckhead brokers knowledgeable in that submarket tell GlobeSt.com.