DECATUR, Ga. — Bellwether Enterprise Real Estate Capital has provided a $3 million construction-to-permanent loan for the development of Scott Boulevard Senior Residences, an affordable seniors housing community in Decatur.
Located eight miles east of downtown Atlanta, Scott Boulevard Senior Residences will feature 90 one-bedroom apartments for seniors age 62 and older, with 72 units reserved for residents earning less than 60 percent of the area median incomes. Situated on 1.4 acres, the property will feature state-of-the-art amenities including a business and computer center, fitness center, community game room, central laundry facilities, community garden and park. The community will be part of Decatur Crossing, a retail and residential mixed-use development.
Jeff Mion of Bellwether Enterprise’s Atlanta office arranged the construction-to-permanent loan utilizing the HUD 221(d)4 insured-mortgage program. The total development cost is approximately $19 million. Additional funding sources includes Low-Income Housing Tax Credit equity through Wells Fargo and DeKalb County HOME Funds.