September 13, 2019
Bellwether Enterprise Real Estate has provided a $2.9 million construction-to-permanent loan for Scott Boulevard Senior Residences, an affordable senior housing community in Decatur. The project is being developed by Columbia Residential and Tapestry Development Group.
The property will consist of 90 one-bedroom apartments for seniors aged 62 and over, and 72 units will be reserved for residents earning less than 60% of the area median income. The building is part of Decatur Crossing, a retail and residential mixed-use development located just two miles north of the Decatur city center. Amenities will include a business and computer center, fitness center, community game room, central laundry facilities, community garden and a park.
Jeff Mion of Bellwether Enterprise arranged the construction-to-permanent loan utilizing the HUD 221(d)4 insured-mortgage program. The total development cost is approximately $19 million. Additional funding sources include Low-Income Housing Tax Credit (LIHTC) equity through Wells Fargo and DeKalb County Home Funds.
For comments, questions or concerns, please contact David Cohen