Atlanta—Capital One has provided a $14.4 million HUD 221 fixed-rate construction and permanent loan for Sterling at Candler Village, an affordable senior housing community in Decatur, Ga. The 170-unit community will feature one- and two-bedroom floorplans split between two mid-rise buildings on 5.5 acres of land. There will be 136 units allocated to households earning up to 60 percent of the area median income, while the remaining 34 will be reserved for households earning up to 50 percent. The Benoit Group is developing the project, partnered with the Housing Authority of DeKalb County. Senior Vice President Carolyn Whatley, who specializes in HUD financing, originated the transaction.
“Affordable housing is at a premium in communities across the country, so we were excited to partner with The Benoit Group to help bring this affordable, age-restricted community to Decatur,” Whatley told Multi-Housing News. “The fast closing that we achieved here reflected not only hard work and expertise on behalf of my team, but also The Benoit Group’s commitment to affordable housing and HUD’s commitment to expediting approvals for these crucial projects.”
Through its management group, Benoit will offer Social Expressions, a services package which includes a computer-training program that enables seniors to stay in touch with family through social media, conduct their finances online and access government services. Other offerings will include exercise classes and arts and crafts. Programming will also be available at the adjacent senior center and public library. Design measures were incorporated to ensure energy efficiency is sustainable once the property is operating.
“We were excited about the potential of the project and are thrilled to have broken ground after many years in the works,” said Eddy Benoit, Jr., president & CEO of The Benoit Group. “Even though there are always many moving parts in a complicated transaction like this, the Capital One team quickly pulled together a well-written application. The result: we received a firm commitment from HUD within 30 days of application, and the loan closed approximately 45 days later. It was a superb performance.”
Besides the HUD financing, additional funding came from low income housing tax credits allocated by the Georgia Department of Community Affairs; tax exempt bonds issued by the Housing Authority of DeKalb County and underwritten by Stifel, Nicolaus & Company Inc.; a subordinate HOME loan funded by DeKalb County Community Department and project-based rental assistance issued by the Housing Authority of the City of Atlanta. AHA entered into an Intergovernmental Agreement with the Housing Authority of DeKalb County to administer PBRA for Sterling at Candler Village.
Image courtesy of Capital One