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The Benoit Group and Atlanta Housing Announce Financial Closing of a $72 Million Englewood Senior Development as Part of Phase I Development

ATLANTA, April 19, 2024 /PRNewswire/ — The Benoit Group, a national multifamily and commercial real estate developer, owner, and operator headquartered in Atlanta, in partnership with Atlanta Housing, Georgia’s largest public housing authority, announced the financial closing for the development of Englewood Senior. This 160-unit affordable independent 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 contained 324 public housing units before the residents were relocated in 2007 due to severe physical and social distress, leading to the property’s demolition in 2009 with HUD approval. Located in southeast Atlanta approximately 1.5 miles south of Zoo Atlanta and Grant Park, Englewood, a Chosewood Park neighborhood, is adjacent to Boulevard Crossing Park and the Atlanta Beltline Southside Trail.

“Partnering with a housing authority like Atlanta Housing that is committed to positively transforming communities is in alignment with our company’s mission,’ said Eddy Benoit Jr. President & CEO of the Benoit Group. “We are excited and eager to deliver better affordable housing options on the BeltLine!”

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

“Atlanta Housing is pleased to announce the closing of Englewood Senior, which will provide quality, affordable housing for our senior and legacy residents,” said Terri M. Lee, President and Chief Executive Officer of Atlanta Housing. “With access to the Atlanta BeltLine’s Southside Trail, residents of Englewood Senior will have the opportunity to enjoy world-class amenities in one of our city’s historic neighborhoods. This announcement further underscores our agency’s commitment to neighborhood revitalization and ensures that one of our most vulnerable resident populations can age with dignity in quality communities. We are pleased to move this development forward with the Benoit Group.”

The Development Plan: Phase I

Englewood Senior is the first building in Phase I and will reserve 160 rental units for seniors aged 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.

This senior development complex will include several community amenities such as centralized outdoor courtyards, fitness centers, movie theaters, and a multi-purpose community room. Additionally, the property will feature a 213-space parking deck and 15,000 sq. ft. of retail space.

Englewood Multifamily is the second building in Phase I and will close in Summer 2024.  It includes a mixed-income midrise building with 200 rental units (160 affordable) and 35,000 square feet of commercial retail space. The Phase 1 development will also include 81 for-sale single-family homes and townhomes with 16 affordable homeownership opportunities. When Phase I of the Englewood Development Plan is built-out, over $200 million will have been invested from various public, private, and philanthropic sources. 

Project Highlights

Project Information:
Closing Date:

  • Closing: 04/17/2024
  • Public Private Partnership between The Benoit Group and Atlanta Housing
  • 160 affordable independent senior units
  • Financing
  • Low Income Housing Tax Credits (LIHTC)
  • $18,004,800 HUD 221d4 Senior Debt (Berkadia)
  • $3,320,777 Secondary Priority Loan (Atlanta Housing)
  • $3,000,000 Beltline TAD Funds (Invest Atlanta)
  • $27,240,845 Federal Investor Equity (Raymond James)
  • $19,198,414 State Investor Equity (Raymond James)
  • Total Development Cost: $71,487,577
  • Total Construction Cost: $54,920,316
  • 213 space parking deck
  • 15,000 sf of retail space
  • Construction Duration: 26 months

LENDER PARTNERS

  • Berkadia
  • Raymond James
  • Sterling Bank

GENERAL CONTRACTOR

ARCHITECT

DEVELOPMENT TEAM

  • The Benoit Group
  • Atlanta Housing
  • Invest Atlanta
  • Atlanta Beltline
    • AGG
    • Stifel
    • Housing For Hope, Inc.
    • City of Atlanta
    • RenOps
    • Dorchester Management
    • M-One
    • Eblerly and Associates

About The Benoit Group (TBG)
The Benoit Group leverages over 200 years of collective experience across more than $2.5 billion of real estate projects. Its extensive experience in commercial development, project management, and innovative design concepts sets the standard across a diverse portfolio of projects. TBG’s core business includes the development of affordable mixed-income housing, market-rate workforce housing, independent senior living, higher education student lodging, and mixed-use developments featuring hospitality, office, and retail. An efficient work style and distinguished project management capabilities enable TBG to deliver extraordinary results that exceed client expectations consistently. 

ABOUT ATLANTA HOUSING

President and Chief Executive Officer Terri M. Lee leads The Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in Georgia and one of the largest in the nation. One of 139 Moving to Work (MTW) public housing authorities in America, AH is an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 45,000 people, including AH-owned residential communities, tenant-based vouchers, supportive housing, as well as down payment assistance, where innovation leads the approach to making the dream of home ownership attainable for more Atlantans. Programs are funded and regulated by the U.S. Department of Housing and Urban Development. 

Visit AH at atlantahousing.org or follow us on Instagram, Twitter and LinkedIn at @housingatlanta.

SOURCE Atlanta Housing

Originally published at https://www.prnewswire.com/news-releases/the-benoit-group-and-atlanta-housing-announce-financial-closing-of-a-72-million-englewood-senior-development-as-part-of-phase-i-development-302122298.html
Images courtesy of https://pixabay.com

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