$3 Million Loan Closed For Decatur Senior Affordable Housing

DECATUR, GA — Bellwether Enterprise has closed on a $3 million loan to build Scott Boulevard Senior Residences, an affordable senior housing community in Decatur. Scott Boulevard Senior Residences will contain 90 one-bedroom apartments for seniors aged 62 and over, and 72 units will be reserved for residents earning less than 60 percent 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. The 1.38-acre property will feature a business and computer center, a fitness center, a community game room, central laundry facilities, a community garden, and a park.

The development is situated among 26 acres of mixed-use space including retail stores, entertainment facilities, grocery stores, and restaurants. Scott Boulevard Senior Residences is located close to all public amenities, including public transportation and medical centers such as Emory Decatur Hospital, Atlanta VA Medical Center, and Emory University Hospital.

“Atlanta is one of the fastest growing cities in the country, and the demand for affordable senior housing is only going to increase,” said Ned Huffman, president of Bellwether Enterprise. “We are enhancing our own expertise in financing senior housing nationwide to meet the need and help seniors age safely in communities of their choice.”

Jeff Mion, senior vice president of Bellwether Enterprise in the Atlanta office, 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 equity through Wells Fargo and DeKalb County HOME Funds.

“We laud this Atlanta based co-development team for bringing this Scott Boulevard senior project to the community,” said Mion. "Project development partners, Columbia Residential and Tapestry Development Group are deeply committed to the development of affordable housing and expanding the supply and preservation of existing affordable housing. These development teams have a long track record of meeting the challenges and requirements associated with efforts to lessen housing insecurity for seniors and families in the region.”