Englewood Senior, Atlanta, GA | Financed by Berkadia 2024

May 9, 2024

Berkadia Finances Affordable Senior Housing Rental Development in Atlanta, Georgia

ATLANTA, Georgia – May 9, 2024 – Berkadia announced today the financing of Englewood Senior, a 160-unit, midrise mixed-use proposed property in Atlanta, Georgia. Managing Director Carolyn Whatley and Director Angela Folkers of Berkadia FHA/HUD secured construction and permanent financing through the Federal Housing Administration’s 221(d)(4) Program, administered by the Department of Housing and Urban Development (HUD).

The combined construction and permanent loan includes the construction term and a 40-year fully amortizing permanent loan, which is non-recourse and assumable. The HUD-insured loan, combined with Low Income Housing Tax Credits, and other levels of municipal funding collectively support this $72 million development. 

“Without the public-private partnership (P3) structure, this community, which will serve independent seniors earning 60 percent or less of AMI, would not be possible,” said Whatley. “The residents will enjoy amenities such as a fitness center, movie theater, multi-purpose community room and outdoor courtyard. HUD’s multifamily production and closing teams based in Atlanta were exceptional partners in their review and closing of the transaction.”

Located at 413 Englewood Avenue Southeast the property affords convenient access to Zoo Atlanta, Grant Park and is adjacent to Boulevard Crossing Park and the Atlanta Beltline Southside Trail.

Berkadia Secures HUD-Insured Financing for $72M Affordable Seniors Housing Development in Atlanta | RE Business Online

Development Venture Gets $72Mln HUD Loan for Atlanta Seniors-Housing Project | CRE Direct