ATLANTA — Berkadia has arranged a $28.3 million HUD 221(d)(4) loan for the construction of Englewood Multifamily, a 200-unit mixed-income community underway in Atlanta’s Chosewood Park neighborhood. The non-recourse, fully amortizing loan features a construction-to-perm structure that covers the construction period followed by a 40-year amortization schedule.
Angela Folkers of Berkadia’s FHA/HUD team originated the financing on behalf of the co-developers, The Benoit Group and the City of Atlanta’s Housing Authority (AHA). Englewood Multifamily is part of a 37-acre master-planned development and represents the second building within Phase I of the redevelopment of Englewood Manor on Atlanta’s southeast side.
Englewood Multifamily’s development costs are estimated to exceed $86 million. The property will feature 80 percent of the units reserved for households earning 60 percent or less of AMI with the remainder rented at market rates. The community will also include 21,844 square feet of commercial space.
The network of companies and organizations that are bringing the Englewood Multifamily development to fruition include the following:
- City of Atlanta
- Invest Atlanta
- Atlanta BeltLine Inc.
- Raymond James
- Advantage Capital
- Stifel, Nicholas & Co. Inc.
- Kutak Rock LLP
- Stearns Bank NA
- Arnall Golden Gregory LLP
- Reno & Cavanaugh PLLC
- Walton Construction
- Corcoran-Ota
- Eberly & Associates
- Renaissance Ops
- Dorchester Management II
- HUD’s Southeast region