Bellwether Enterprise Real Estate Capital, a national commercial and multifamily mortgage banking company, announced it has closed a $23.9 million loan to finance the renovation of Jewish Tower and Zaban Towers in Atlanta, Georgia. Built in the 1970s, the communities have 200 units and 60 units, respectively. The affordable independent living communities sit on 10.3 acres and are connected through a skilled nursing facility, William Breman Jewish Home.
The borrower, The Jewish Home Tower Inc., will finance the renovations with a HUD 221(d)4 sub-rehab loan, originated by Jeff Mion of BWE’s Duluth, Georgia, office. The project includes updates and improvements to handicap accessibility, a roof replacement, window replacement, interior upgrades and improvements to utilities like HVAC and water supply infrastructure. Following completion of the project, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate of 3.99% for a period of 40 years.
