Atlanta, GA — Atlanta Housing (AH), in partnership with the Benoit Group, a national multifamily and commercial real estate developer, owner, and operator headquartered in Atlanta, announced the financial closing for the development of Englewood Multi-Family. This 200-unit mixed-income multi-family project is the second building of the mixed-use, multi-phase redevelopment 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.
“This closing marks a significant moment of progress for one of the most ambitious development projects in Atlanta Housing’s portfolio,” said Terri M. Lee, President and CEO of Atlanta Housing. “Englewood will serve as a catalyst for investment in the area while prioritizing affordability and quality living for families. This development reflects our continued commitment to building thriving, accessible communities. We are proud to partner with The Benoit Group to bring this vision to life.”
Funding for this $87 million project includes federal equity tax credit investment by Raymond James and JP Morgan, state equity tax credit investment by Advantage Capital, Stearns Bank construction loan, permanent HUD-insured loan financing from Berkadia, in addition to Invest Atlanta HOB Loan, Beltline TAD Funds and a secondary priority loan from Atlanta Housing.
Eddy Benoit Jr., President and CEO of the Benoit Group, shared his excitement about the partnership and its potential impact: “The year-end closing of this 2nd phase required the full focus and collaboration of all partners and agencies involved. This was an amazing execution by our entire Team! We continue to build on our successful long-term relationship with Atlanta Housing as our co-development partner on this master-planned development. We are excited to create more affordably priced housing and retail options for seniors and families along the Atlanta Beltline.”
The Development Plan: Phase I
Englewood Multifamily is the second building in Phase I and will reserve 200 rental units for families earning at or below 60 percent of the Area Median Income (AMI). 100 units will receive Home Flex vouchers, and the project will provide 40 market rate units to meet the demand for quality apartment living.
This multi-family development complex will include several community amenities such as centralized outdoor courtyards, fitness centers, media center, and a multi-purpose community room. The property will feature a 300+ space parking deck and 21,000 sq. ft. of 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
- Public Private Partnership between The Benoit Group and Atlanta Housing
- 160 affordable multifamily units and 40 market rate units
- 300+ space parking deck
- 21,000 sf of retail space
- Construction Duration: 27 months
- Low Income Housing Tax Credits (LIHTC)
- $28,300,000 HUD 221d4 Senior Debt (Berkadia)
- $7,754,909 Secondary Priority Loan (Atlanta Housing)
- $3,000,000 Beltline TAD Funds (Invest Atlanta)
- $4,750,000 Housing Opportunity Bond Fund (Invest Atlanta)
- $26,028,139 Federal Investor Equity (Raymond James)
- $16,150,372 State Investor Equity (Advantage Capital)
- Total Development Cost: $86,699,527
- Total Construction Cost: $65,857,000
- Berkadia
- Raymond James
- Advantage Capital
- Stearns Bank
- Atlanta Housing
- City of Atlanta
- The Benoit Group
- nvest Atlanta
- Atlanta Beltline
- AGG
- Stifel
- Housing For Hope, Inc.
- Renaissance Ops
- Dorchester Management
- M-One
- Eberly and Associates
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. AH carries the prestigious Moving to Work (MTW) designation and serves as an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 45,000 people through its AH-owned residential communities, tenant-based and project-based vouchers, supportive housing, as well as down payment assistance, where innovation leads the approach to making the dream of homeownership attainable for more Atlantans. Atlanta Housing programs are funded by the U.S. Department of Housing and Urban Development.
Visit AH at www.atlantahousing.org or follow us on social media @housingatlanta.
About The Benoit Group (TBG)
The Benoit Group is a vertically integrated commercial real estate company with more than $3 Billion in collective project developments. Its extensive experience in commercial development, project management, financing, 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, student-oriented lodging, and mixed-use developments featuring multifamily, retail, office, and single-family. An efficient work style and distinguished project management capabilities enable TBG to deliver extraordinary results that exceed client expectations consistently.