Financing has closed on a senior-living development in southeast Atlanta, part of the first phase of a mixed-use community planned for a former public housing site.
Multifamily and commercial real estate developer The Benoit Group, in partnership with Atlanta Housing, announced the financial closing for the development of Englewood Senior.
The Chosewood Park-area development will include 160 units of affordable, independent senior living, according to a news release. Planned amenities include outdoor courtyards, fitness centers, movie theaters and a multi-purpose community room. The property will also feature a 213-space parking deck and 15,000 square feet of retail space. Construction is expected to take 26 months.
“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,” Atlanta Housing President and CEO Terri M. Lee said.
The senior-living project is part of the first phase of the master-planned community. A mid-rise, mixed-income multifamily building is the next building in the phase, set to include 200 rental units (160 affordable) and 35,000 square feet of retail space. This aspect is expected to close this summer.
Phase 1 will also include 81 for-sale single-family homes and townhomes, with 16 affordable homeownership opportunities.
Funding for the $72 million Englewood Senior 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, according to the announcement.
The 30-acre Englewood Manor site was originally built in 1971. Residents of the 324 public housing units were relocated in 2007, and the property was demolished in 2009.
The site is about 1.5 miles south of Zoo Atlanta and Grant Park.
