Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage company, today announced the closing of a $23,906,600 Federal Housing Administration 221(d)4 sub-rehabilitation loan to fund the rehabilitation of the Jewish Tower and Zaban Towers, two affordable housing projects for seniors located at 3156 and 3160 Howell Mill Road, respectively, in Atlanta, Georgia.
Jeff Mion, senior vice president of BWE’s office in Duluth, Georgia, originated the loan on behalf of the borrower, The Jewish Home Tower, Inc.
“Rehabilitating affordable housing like the Jewish and Zaban towers is key to ensuring that older people in Atlanta have an affordable place to call home,” Mion said. “We are proud to help The Jewish Home Tower Inc. secure funding to bring much-needed senior housing to the city.
The Jewish Tower is a 200-unit, eight-story high-rise building and the Zaban Tower is a 60-unit, four-story low-rise building. Both offer independent and affordable living for people aged 62 and over. Both properties are located on the same campus and are connected by a third building, the William Breman Jewish Home, which contains assisted living and nursing units as well as a full-service dining facility open to residents of all three buildings. .
The scope of building rehabilitation includes updated/improved accessibility for people with disabilities in common areas and resident units, roof replacement, window replacement, upgrade of indoor units including kitchen counters, cabinets, appliances and accessories, as well as bathroom renovations. Improvements to building systems include new HVAC, water supply, drain and ventilation systems and upgrades to building security systems.
The Jewish Tower was originally built in 1978 with a direct loan from HUD Section 202. Zaban Tower was originally built in 1971 as a retirement home and converted to a self-contained residence with funding from the 202 Capital Advance program in 1997. Units in Zaban Tower are subsidized through contract project rental assistance (PRAC). The borrower will convert the PRAC grant to a new 20-year Section 8 Lease Assistance Demonstration Agreement through the RAD to PRAC conversion process.
The loan interest rate is 3.99%. After completion of the rehabilitation, BWE will convert the interest-only construction period loan to a permanent loan at the same rate of 3.99% for a period of 40 years.
BWE offers flexible financing solutions for clients spanning the full spectrum of commercial and multi-family real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/
BWE is a national full-service commercial and multi-family mortgage banking company. In partnership with Enterprise Community Partners, Inc., BWE has production offices nationwide and an integrated service platform based in Cleveland. Through our local market expertise, national lending relationships and experience in structuring financing, we offer our clients competitive and creative solutions for their financing needs. BWE provides loans to a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®), Freddie Mac Optigo™ Vendor/Repairer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) Approved Multifamily Accelerated Processing (MAP) Lender and U.S. Department of Agriculture Section 538 Rural Development Lender States (USDA).
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