Bellwether Enterprise Closes Over $532 Million in Loans in Q4

Feb 5, 2019

From Affordable Housing Finance

Bellwether Enterprise Real Estate Capital reported closing more than $532 million in loans for affordable housing properties in the recently completed fourth quarter.

The 46 loans will help secure over 5,884 units of affordable housing, creating and preserving high-quality and safe homes for low-income residents in communities across the nation. Two loans support the rehabilitation of public housing communities under the Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program.

“The Affordable Housing Group had a very strong finish to 2018 with all of the transactions being very mission rich,” said Phil Melton, executive vice president and national director of affordable housing and FHA (Federal Housing Administration) lending at Bellwether Enterprise. “Each transaction presented unique and complex attributes, which required our team to utilize a variety of financing structures and lending partners to provide our clients with the right product for their specific need.”

Some of the financings arranged by the Affordable Housing Group include:

· Mark Twain Redevelopment: a $27.3 million FHA Sec. 220 loan for a 148-unit redeveloped affordable housing apartment in Chicago’s Gold Coast;

· The Curve: a $19 million Freddie Mac Targeted Affordable Housing loan for a 240-unit apartment complex located in Moore, Okla.;

· Mass Place: a $16 million Fannie Mae MTEB (mortgage-back security as tax-exempt bond collateral) loan for the preservation of a 160-unit low-income housing tax credit apartment community in the heart of Washington, D.C.;

· Rosemont at Williamson Creek: an $11.9 million bridge loan for a 163-unit affordable multifamily property in Austin, Texas;

· Yazoo City RAD Portfolio: a $10.2 million FHA Sec. 221(d)4 RAD loan for six properties, totaling 268 units spread throughout Yazoo City, Miss.;

· Denver Portfolio: an $8.1 million refinancing loan for three RAD properties with 100 units spread throughout Denver—Brook Haven Apartments in Ruby Hill, Federal View Apartments in Sloan’s Lake, and Garfield Apartments in Skyland;

· Douglass Village Apartments: an $8 million Rural Housing Service Sec. 538 Guaranteed Rural Rental Housing Program (GRHHP) construction and permanent loan for the substantial rehabilitation of the affordable 88-unit property in Douglasville, Ga.;

· Exmore Village II: a $2.5 million Sec. 538 GRRHP permanent loan for the affordable 65-unit apartment property in Exmore, Va.;

· Winslow Cross Creek Phase IV: a $2 million forward funding loan for the construction of a 70-unit affordable multifamily apartment for seniors located in Sicklerville, N.J.; and

· The Garden Apartments at Cavalier Drive: a $1.5 million Freddie Mac TAH forward loan for the construction of a 100-unit age-restricted apartment community in Macon, Ga.

Bellwether Enterprise is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

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