ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta.
Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 years.
Jewish Tower is a 200‐unit, eight‐story building, and Zaban Tower is a 60‐unit, four‐story building. Both assets were built in the 1970s and provide affordable independent living for seniors aged 62 and older.
The two properties are situated on the same campus and are connected through a third building, the William Breman Jewish Home, which contains assisted living and nursing care units, as well as a full‐service dining room that is open to residents of all three buildings.
The borrower plans to use the financing to upgrade handicap accessibility in common areas and resident units, replace the roof and windows and upgrade unit interiors. Building system improvements will include new HVAC, water supply, waste and vent piping, as well as upgrades to building safety systems.