Bellwether Enterprise Secures $125M for 10-Property Portfolio

Bellwether Enterprise Real Estate Capital, Cleveland, secured $125 million to refinance a 10-property multifamily portfolio. 

By arranging a full-term interest-only loan utilizing an index lock, Bellwether Enterprise secured a rate 75 basis points lower than current rates for borrower Fath Properties, Cincinnati, Ohio.

“Many of the units in the portfolio qualified as uncapped business, fitting into Freddie Mac’s very low income category when assessing the income levels of the residents,” said Bellwether Enterprise Senior Vice President Sara Behrman, who originated the loan.

The portfolio includes more than 3,300 units, with six properties in the Greater Cincinnati/Dayton metro and four properties in Texas.  

Bellwether Enterprise also arranged a $26.4 million acquisition and rehabilitation loan for Pavilion Towers, a Columbia, S.C. multifamily property. Matt Good, Vice President in the firm’s Greenville, S.C., office, arranged a Freddie Mac construction/permanent product loan for Vista Towers Columbia LLC. 

Developer Homes Urban, Greenville, plans an $11 million upgrades for the building, including renovating the building’s 240 existing units and converting an adjacent office building into a new community space and 23 additional units.