CHATTANOOGA, TN-WholeLife Communities, a developer of luxury rental communities, reports that it received final approval from the Public Finance Authority based in Milwaukee for a $50-million bond to build a rental community here.
The Oklahoma City-based firm plans to build its Traditions senior community in Hamilton County, TN, which will consist of 100 to 150 single-level residences, ranging in size from 1,500 to 2,000 square feet.
The Public Finance Authority, a government entity established to issue tax-exempt conduit bonds for public and private entities nationwide, unanimously approved the proposal to finance the eligible costs of the acquisition, construction, installation and equipping of the development. The Weitz Company has been selected to build the community. Samarian Housing will own the community.
“We are thankful to PFA and all those involved, and very excited to begin this project, bringing this great active adult community to Chattanooga,” states John B. Lowery, founder and CEO of the WholeLife Companies.
WholeLife reports it has identified additional locations for further communities, including an additional location in Houston, as well as Austin and Dallas; Atlanta; Branson, MO; Pigeon Forge, TN; and Oklahoma City, OK.
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