From The Benoit Group and Atlanta Housing's press release:
The Benoit Group, a national multifamily and commercial real estate developer, owner, and operator headquartered in Atlanta, in partnership with Atlanta Housing, Georgia’s largest public housing authority, announced the financial closing for the development of Englewood Senior. This 160-unit affordable independent senior living project marks the first redevelopment phase of a master-planned, mixed-use, multi-phase community on the 30-acre site of the former Englewood Manor public housing site.
Originally built in 1971 on approximately 30 acres, Englewood Manor contained 324 public housing units before the residents were relocated in 2007 due to severe physical and social distress, leading to the property’s demolition in 2009 with HUD approval. Located in southeast Atlanta approximately 1.5 miles south of Zoo Atlanta and Grant Park, Englewood, a Chosewood Park neighborhood, is adjacent to Boulevard Crossing Park and the Atlanta Beltline Southside Trail.
“Partnering with a housing authority like Atlanta Housing that is committed to positively transforming communities is in alignment with our company’s mission,’ said Eddy Benoit Jr. President & CEO of the Benoit Group. “We are excited and eager to deliver better affordable housing options on the BeltLine!”
Funding for this $72 million project includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, in addition to Beltline TAD Funds and a secondary priority loan from Atlanta Housing.
“Atlanta Housing is pleased to announce the closing of Englewood Senior, which will provide quality, affordable housing for our senior and legacy residents,” said Terri M. Lee, President and Chief Executive Officer of Atlanta Housing. “With access to the Atlanta BeltLine’s Southside Trail, residents of Englewood Senior will have the opportunity to enjoy world-class amenities in one of our city’s historic neighborhoods. This announcement further underscores our agency’s commitment to neighborhood revitalization and ensures that one of our most vulnerable resident populations can age with dignity in quality communities. We are pleased to move this development forward with the Benoit Group.”