The Benoit Group in partnership with Atlanta Housing announced the financial closing for the development of Englewood Senior a 160-unit affordable independent senior living project that 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.

Funding for this US$72 million project involves a combination of investments from federal and state equity tax credits provided by Raymond James and JP Morgan, a construction loan from Sterling Bank, permanent financing through a HUD-insured loan from Berkadia, as well as contributions from Beltline TAD Funds and a secondary priority loan from Atlanta Housing.

Englewood Senior, the inaugural building in Phase I, will allocate 160 rental units for seniors aged 62 and above, with incomes at or below 60% of the Area Median Income (AMI). It will also provide over US$2.5 million in rental subsidies for low-income families utilizing Home Flex vouchers from Atlanta Housing. This senior living complex will offer various amenities, including centralized outdoor courtyards, fitness centers, movie theaters, and a versatile community room. Additionally, the property will include a 213-space parking deck and 15,000 sq. ft. of retail space. Englewood Multifamily, the second building in Phase I, is scheduled for completion in Summer 2024. It will comprise a mixed-income midrise building with 200 rental units, of which 160 will be affordable, along with 35,000 square feet of commercial retail space. Phase 1 of the development will also encompass 81 for-sale single-family homes and townhomes, with 16 designated as affordable homeownership opportunities. Upon completing Phase I of the Englewood Development Plan, an investment exceeding US$200 million will have been made from various public, private, and philanthropic sources.