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Atlanta & Southeast  + Atlanta  + Finance  |  September 13, 2022
Bellwether Enterprise Real Estate Capital, LLC has closed a $23.9-million rehabilitation loan for of Jewish Tower and Zaban Tower in Atlanta, GA.
Lisa McDuffie
By: Lisa McDuffie

The Jewish Home Tower Secures $24M Rehab Loan for 1970s Senior Housing in Atlanta

Bellwether Enterprise Real Estate Capital, LLC, has closed a $23.9-million FHA 221(d)4 sub-rehab loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing developments for seniors in Atlanta, GA.

 Jeff Mion with BWE originated the loan on behalf of the borrower, The Jewish Home Tower, Inc.

The interest rate for the loan is 3.99%. Following completion of rehabilitation, BWE will convert the interest-only construction period loan to a permanent loan at the same 3.99% rate for a period of 40 years.

Jewish Tower was originally constructed in 1978 with a HUD Section 202 Direct Loan. Zaban Tower was originally constructed in 1971 as a nursing home and converted to an independent living facility with funding through the 202 Capital Advance program in 1997. Zaban Tower units are subsidized through a Project Rental Assistance Contract (PRAC). The borrower will be converting the PRAC subsidy to a new 20-year Section 8 Rental Assistance Demonstration contract through the RAD for PRAC conversion process.

Jewish Tower is a 200‐unit, eight‐story high‐rise building and Zaban Tower is a 60‐unit, four‐story low‐rise building.

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Bellwether Enterprise Real Estate Capital, LLC

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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