Benoit Group, Atlanta Housing Secure Financing for Englewood Senior Development

by John Nelson

ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site.

Funding for Englewood Senior 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, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing.

Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space.

Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, 40 market-rate units and 35,000 square feet of commercial space, as well as 81 for-sale single-family homes and townhomes, 16 of which will provide homeownership opportunities for those with income restrictions.

The design-build team includes architect Corcoran-Ota and general contractor JM Wilkerson. Construction for Englewood Senior is expected to last 26 months.

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