Home News Two affordable housing towers cleared for $24M renovation

Two affordable housing towers cleared for $24M renovation

by admin
0 comment

A funding agreement has been signed for a long-standing Buckhead property renovation that will allow hundreds of Atlanta seniors to continue to have a place to call home in the city, according to project officials. .

Bellwether Enterprise Real Estate Capital today announced a $23.9 million loan to finance the restoration of two luxury 1970s-era complexes, the Jewish Tower and Zaban Towers, located at Block 3100 of Howell Mill Road near the interstate. announced that it was completed. 75.

The borrower, Judea Home Towers, Inc., will fund the necessary property renewals with a Federal Housing Administration 221(d)4 sub-rehab loan, officials said.

BWE’s Duluth office launched a loan that the company’s senior vice president, Jeff Mion, called in today’s announcement “essential to ensuring seniors in Atlanta have an affordable place to call home.”

Both complexes provide affordable, independent living for Atlanta seniors age 62 and older.

Location of both properties in question, related to downtown Buckhead, Interstate 75, and Midtown.google map

The Jewish Tower, the larger of the two properties, is eight stories high with 200 units. In 1978 he was built with HUD Section 202 Direct Loan.

Zaban Tower is old and short (4 stories, 60 units). Built in 1971 as a nursing home, it was converted into an independent living facility in 1997.

How the 1970s complex lays out between I-75 (left) and Howell Mill Road. google map

The common denominator between the two complexes is the William Breman Jewish Home, a third affiliate located on site. That building houses assisted living units and nursing homes for residents of all three buildings, as well as a dining room.

According to BWE officials, the scope of the building renovation includes interior unit upgrades (kitchen updates and bathroom renovations), window and roof replacement, and improved accessibility in both apartments and common areas. Key systems such as water supply, HVAC, and building safety systems will also be improved.

The Zaban Tower unit is currently being subsidized through a Project Rental Assistance Agreement, which the borrower plans to transform into a new 20-year Section 8 Rental Assistance Demonstration Agreement, according to officials.

Admission to the Jewish Tower and Zaban Tower, seen in late 2021. google map

Affordable Housing News, Discussions (Urbanization of Atlanta)

You may also like