Berkadia Secures $28.3M in Financing for Affordable Housing Project Englewood Multifamily in Atlanta

12
Englewood Multifamily
Located in the Chosewood Park neighborhood of southeast Atlanta, the development is part of a larger 37-acre comprehensive master-plan undertaking by the AHA.

Berkadia, a leader in the commercial real estate industry, announced the successful financing of Englewood Multifamily, a 200-unit five-story mixed-income and mixed-use property in Atlanta, Georgia.

Managing Director Carolyn Whatley and Director Angela Folkers of Berkadia’s FHA/HUD team secured $28.3 million in financing on behalf of The Benoit Group (TBG) and The Housing Authority of the City of Atlanta (AHA).

The deal closed on December 30, 2024, utilizing the FHA/HUD insured 221(d)(4) Program, which provides a 40-year (plus construction period), fully amortizing, non-recourse construction, and permanent loan as the senior debt layer within the capital stack. This vitally important mixed income development was the result of public and private partnerships, including the federal and state low-income housing tax credit program, tax exempt bonds, and other municipal soft debt.

In partnership with AHA, TBG will develop the site to include residential (single and multifamily), commercial, retail, institutional, and recreational uses. The property is located within two miles of Downtown Atlanta, offering convenient access to various amenities, employment and services, as well as the adjacent Atlanta BeltLine’s Southside Trail.

Englewood Multifamily is the second building within Phase I of the redevelopment of Englewood Manor, a former 324-unit public housing development demolished in 2009. Total project costs for this second building will exceed $86 million and include a capital stack comprised of six different sources. 80% of the units will serve residents earning 60% or less of AMI, while 20% will be market-rate with no restrictions.

Englewood Multifamily
Englewood Multifamily will offer 21,844 square feet of commercial space serving its’ residents and neighborhood. Upon completion, this development will result in an incredible mixed-use and mixed-income asset for the community.

In addition to TBG and AHA, this closing was only made possible with the contributions of an extensive team. While every member of the team played a vital role, here are some of the key contributors:

  • City of Atlanta
  • Invest Atlanta
  • Atlanta BeltLine
  • Raymond James
  • Advantage Capital
  • Stifel, Nicholas & Company Incorporated
  • Kutak Rock LLP
  • Stearns Bank N.A.
  • Arnall Golden Gregory LLP
  • Reno & Cavanaugh PLLC
  • Walton Construction
  • Corcoran-Ota
  • Eberly & Associates
  • Renaissance Ops
  • Dorchester Management II
  • US Dept. of HUD (SE Region)

“We’re excited to achieve the financial closing of the second building for the phase I Englewood mixed income and mixed-use redevelopment with Berkadia totaling over $160 million of affordably priced rental housing and commercial retail for seniors and young families,” said Eddy Benoit Jr. Founder & CEO of The Benoit Group headquartered in Atlanta Georgia. “The unique capital structure from six different agencies in this project underscores the power of public-private partnerships in transformative developments.”
“The level of creativity and resourcefulness this transaction required is a trademark of Eddy Benoit, Jr. and The Benoit Group, witnessed repeatedly during a relationship that spans over more than a decade,” said Whatley.

Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication that delivers comprehensive investment solutions to clients across the country and distinguishes itself by pairing deep technical expertise and a wide array of product offerings with the drive and focus necessary to help clients grow their business.

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.