LDG Celebrates Kairos Development Corp.

Bethel Towers in downtown Atlanta

11 Nov 2020

In honor of Ten Years in Business, LDG Consulting is highlighting twelve of our top clients from this past decade. We are delighted to announce Honoree Number Eight: The Benoit Group (TBG) – an Atlanta firm that has managed over $2.5 billion in real estate projects. Of all of their work together over the years, their most notable project to date is historic Sweet Auburn District’s Bethel Towers, Inc. – an affordable apartment complex founded by one of the oldest and most historic churches in Atlanta – Big Bethel A.M.E.

The Benoit Group (TBG) is comprised of a commercial development group and a real estate consulting firm. TBG’s real estate development and advisory capabilities leverage over 150 years of collective experience. The company has demonstrated proficiency in commercial development, project management and innovative design concepts. TBG works hard every day to set the standard in the commercial real estate industry.

With over twenty years of experience in the commercial development industry totaling over $1.8 billion in project value, Eddy Benoit, Jr., President and CEO of TBG, focuses on the firm’s business diversification and geographical expansion. Benoit’s strategic plan consists of leveraging the company’s core expertise through its vertical integration and providing turnkey real estate solutions in the market place. TBG’s platform involves low risk development pursuits and real estate advisory services, positioning the firm to succeed through various real estate cycles.

Benoit holds an M.S. in Construction Management from Southern Polytechnic State University (Real Estate concentration) and a B.S. in Building Construction from the University of Florida. He’s earned his CCIM designation and is fluent in French, Spanish, and Haitian Kreyol. Benoit is an active board member of the University of Florida’s M.S. Real Estate Program, as well as an active member of several other professional associations including NH&RA, NAHB, ULI and NAIOP.

LDG AND BENOIT

Benoit and Alrich Lynch, owner of LDG Consulting, went to the University of Florida together. “Eddy was in the construction program while I was in the architecture program,” Lynch notes. The two have known each other since 1990. Since then, TBG and LDG have done three projects together. On the first project, TBG’s property management arm asked LDG to be an independent reviewer of some repair and rehab work being done by a third-party contractor.

Their second project was a major rehab project where LDG was asked to verify that the work was being completed properly. “Eddy knows that I have both a development and construction background,” Lynch explained, “so he asked us to take on a forensic investigation of a project.” TBG needed an independent third party to comb through the contractor’s billing and to uncover any issue areas relative to the construction contract. “We were able to locate exactly where the GC was not being fully transparent and was overbilling in certain areas. Essentially, we were able to put numbers to Eddy’s gut feeling.” The discrepancies were severe; we found out a few months later that the contractor ended up filing for bankruptcy.

The famous John Lewis mural across the street from Bethel Towers.

BETHEL TOWERS

The third project that TBG and LDG worked on together was Bethel Towers Inc., LDG serving as a representative for Bethel Towers Inc. (the actual apartments that are on the Big Bethel A.M.E. Church Campus) and TBG serving as the developer that would purchase the 1970s affordable apartments complex in order to execute a major renovation for the 16-story building’s 180 units.

In this role, LDG became an advocate for Bethel Towers (an affiliate of Big Bethel A.M.E. Church), ensuring their interests were protected during final negotiations with TBG. LDG services included the review of the original business terms, recommendations during final negotiations, confirmation of correct legal drafting, analyzing the developer proforma and providing internal projections related to fees, owner debt pay-offs, future cash flow streams, etc. The result of our involvement provided a smooth closing transaction, increased fees to our client, and peace of mind.

Drone shot of Bethel Towers in downtown Atlanta.

PROJECT HIGHLIGHTS

Project Type: 180 affordable apartment units
Location: Downtown Atlanta in the Sweet Auburn District
Development Cost: $32.9MM
Client/Owner: Bethel Towers, Inc.
LDG’s Role: Development Advisor
Period: 2017-2018
Status: Construction nearing completion

View more info on The Benoit Group and Bethel Towers Inc.:

The Benoit Group Website
Affordable Atlanta Community Secures $15M Loan – Multi-Housing News, Holly Dutton, 02Oct2018

Stay tuned this year to find out about our four remaining honorees!

ABOUT THE BENOIT GROUP: The Benoit Group’s real estate development and advisory capabilities leverage over 150 years of collective experience, on over $2.5 billion of real estate projects. Our professional experience in commercial development, project management and innovated design concepts, allows us to set the standard on our diverse projects. Our core business focuses on the development of affordable mixed-income housing, market rate workforce housing, independent senior living, higher education student lodging and mixed-use developments, that includes components such as hospitality, office and retail. We pride ourselves in structuring complex mixed-finance and (P3) Public-Private Partnerships in order to achieve the optimum leveraging on our projects. | thebenoitgroup.com

ABOUT LDG CONSULTING: LDG Consulting is a boutique advisory and implementation firm. We advise visionary developers and owners on how best to realize their commercial real estate goals and we help them profitably execute their vision. Our diverse backgrounds provide a full-breadth of services – we not only understand the problems in the field but we also explain the impacts on the project proforma; we easily transition between the rugged project site and the corporate board room. As a result, we are as comfortable in our construction boots as we are in our corporate suits.™ | ldgconsulting.com