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.
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.”
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.
