Affordable Atlanta Community Secures $15M Loan
The Benoit Group’s 180-unit Bethel Towers Apartments will undergo major renovations and share ownership with a local church congregation.
The Benoit Group has secured a $14.9 million HUD loan to rehabilitate and permanently finance Bethel Towers Apartments, a 180-unit affordable rental community in Atlanta. The company is partnering with Big Bethel AME Church to renovate the property in accordance with Georgia Department of Community Affairs’ architectural and rehabilitation standards.
The 16-story community in the Sweet Auburn neighborhood of Atlanta was built in 1972 by Big Bethel AME Church, one of the oldest African-American congregations in Georgia. The church will share ownership of the newly renovated Bethel Towers Apartments with The Benoit Group.
Capital One Multifamily Finance Senior Vice President Carolyn Whatley originated the transaction, a fixed-rate loan with a 40-year term. This marks the fourth transaction Capital One has closed with The Benoit Group.
“Capital One’s expertise in maneuvering through the intricate details of the Bethel Towers transaction made their partnership essential and invaluable,” said Eddy Benoit, Jr., president and CEO of The Benoit Group.
The rehabilitation will include replacing many of the major systems, including electrical wiring and plumbing risers, creating accessible units, upgrading kitchens, baths and replacing flooring, renovating the lobby and adding a fitness center.
Last year, Capital One provided a $14.4 million HUD 221 fixed-rate construction and permanent loan for Sterling at Candler Village, a 170-unit affordable senior housing community in Decatur, Ga.
Image via TheBenoitGroup.com