Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $23,906,600 Federal Housing Administration 221(d)4 sub-rehab loan to finance the rehabilitation of Jewish Tower and Zaban Towers, two affordable housing developments for seniors located at 3156 and 3160 Howell Mill Road, respectively, in Atlanta, Georgia.
Jeff Mion, Senior Vice President in BWE’s Duluth, GA office, originated the loan on behalf of the borrower, The Jewish Home Tower, Inc.
“Rehabilitating affordable housing like Jewish and Zaban Towers is critical to ensuring Atlanta’s seniors have an affordable place to call home,” said Mion. “We are proud to help The Jewish Home Tower Inc. secure financing to help bring much-needed senior housing to the city.”
Jewish Tower is a 200‐unit, eight‐story high‐rise building and Zaban Tower is a 60‐unit, four‐story low‐rise building. Both provide affordable, independent living for seniors aged 62 and older. The two properties are situated on the same campus and are connected through a third building, the William Breman Jewish Home, which contains assisted living and nursing care units as well as a full‐service dining room open to residents of all three buildings.
The scope of rehabilitation for the buildings includes updated/improved handicap accessibility in common areas and resident units, roof replacement, window replacement, interior unit upgrades including kitchen counters, cabinets, appliances and fixtures, as well as bath remodeling. Building system improvements include new HVAC, water supply, waste and vent piping and upgrades to building safety systems.
Jewish Tower was originally constructed in 1978 with a HUD Section 202 Direct Loan. Zaban Tower was originally constructed in 1971 as a nursing home and converted to an independent living facility with funding through the 202 Capital Advance program in 1997. Zaban Tower units are subsidized through a Project Rental Assistance Contract (PRAC). The borrower will be converting the PRAC subsidy to a new 20-year Section 8 Rental Assistance Demonstration contract through the RAD for PRAC conversion process.
The interest rate for the loan is 3.99%. Following completion of rehabilitation, BWE will convert the interest-only construction period loan to a permanent loan at the same 3.99% rate for a period of 40 years.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/
BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. BWE provides loans for 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®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.