The Benoit Group, Atlanta Housing Receive Financing for $72M Englewood Affordable Development

by Jeff Shaw

ATLANTA — The Benoit Group, in partnership with Atlanta Housing, has received financing for the development of Englewood Senior in Atlanta. 

The 160-unit affordable 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 offered 324 public housing units before the residents were relocated in 2007, followed by the property’s demolition in 2009 with HUD approval. The site is located in southeast Atlanta approximately 1.5 miles south of Zoo Atlanta and Grant Park.

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, Beltline TAD Funds and a secondary priority loan from Atlanta Housing.

Englewood is the first building in Phase I and will feature 160 rental units for seniors age 62 and older earning at or below 60 percent of the 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.

The property will feature a 213-space parking deck and 15,000 square feet of retail space. A second phase will add a mixed-income multifamily building offering 200 units and 35,000 additional square feet of retail space.

JM Wilkerson will build the property, which Corcoran-Ota designed. Other development partners include Invest Atlanta, Atlanta Beltline, AGG, Stifel, Housing For Hope Inc., City of Atlanta, RenOps, Dorchester Management, M-One and Eblerly and Associates.

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