Benoit Group Lands Atlanta Affordable Housing Construction Loan

A mid-rise residential project in Southeast Atlanta is moving forward with millions in financing.

The Atlanta Housing Authority and the Benoit Group, a local affordable housing developer, secured a $28.3 million construction loan for Englewood Multifamily, a mixed-income development with a retail component in the city’s Chosewood Park neighborhood, about 3 miles south of downtown, the Atlanta Business Chronicle reported.

Berkadia’s Carolyn Whatley and Angela Folkers facilitated the deal, which closed on Dec. 30.

The five-story development, a public-private partnership between Benoit and the housing authority, is part of a broader initiative to replace the former Englewood Manor housing complex, which was demolished in 2009. Englewood Multifamily will be the second building within Phase I of the redevelopment. The project is estimated to cost over $86 million, or $430,000 per unit.

It will comprise 200 residential units and over 21,000 square feet of commercial space. Eighty percent of the apartments will be for families earning 60 percent or less of the area median income, while the remaining 20 percent will be leased at market rate.

Plans for the broader redevelopment include single-family homes, townhomes and additional apartments. Once completed, the redevelopment will span 37 acres with about 900 housing units, along with retail.

Residential construction is on the upswing in the Atlanta market.

However, challenges persist, such as a notable squatter problem affecting over 1,200 homes and a housing deficit of up to 100,000 homes, which complicates affordability despite recent wage growth outpacing housing costs.

— Andrew Terrell