A financing deal has closed for the renovation of longstanding Buckhead properties that will help ensure hundreds of Atlanta seniors continue to have a place in the city to call home, according to project officials.
Bellwether Enterprise Real Estate Capital, a national commercial and multifamily mortgage banking company, announced today it has closed a $23.9-million loan to finance the rehabilitation of Jewish Tower and Zaban Towers, two 1970s senior complexes in the 3100 block of Howell Mill Road near Interstate 75.
The borrower, The Jewish Home Tower Inc., will finance the needed property updates with a Federal Housing Administration 221(d)4 sub-rehab loan, officials said.
BWE’s Duluth office originated the loan, which the company’s senior vice president, Jeff Mion, called “critical to ensuring Atlanta’s seniors have an affordable place to call home” in today’s announcement.
Both complexes provide independent, affordable living for Atlanta seniors at least 62 years old.
Jewish Tower, the larger of the two properties, stands eight stories with 200 units. It was constructed in 1978 with a HUD Section 202 Direct Loan.
Zaban Tower is older and shorter (four stories, with 60 units). It was originally built in 1971 as a nursing home and converted to an independent living facility in 1997, officials said.
A common thread between the two complexes is a third, connected property on site, the William Breman Jewish Home. That building houses assisted living and nursing care units and a dining room for residents of all three buildings.
According to BWE reps, the scope of building renovations will include interior unit upgrades (refreshed kitchens and remodeled bathrooms), plus window and roof replacements, and improved handicap accessibility in both apartments and common areas. Major systems including water supply, HVAC, and building safety systems will also be improved.
Officials said the Zaban Tower units are currently subsidized through a Project Rental Assistance Contract, which the borrower plans to convert to a new 20-year Section 8 Rental Assistance Demonstration contract.
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