Dealmaker: Bellwether Enterprise Secures $105M in Ohio, Georgia, California

January 25, 2017

Bellwether Enterprise Real Estate Capital, Cleveland, arranged $104.8 million for office and multifamily properties in Ohio, Georgia and California.

In Cleveland, Bellwether Enterprise Senior Vice President Ross Halloran arranged a $34.5 million acquisition loan for Park Center Plaza. The 421,500-square-foot Class A complex is currently 93 percent leased to tenants including the Department of Veterans Affairs, MetLife Insurance and Travelers Insurance.

Deutsche Bank provided the financing to Lee & Assocs. Halloran said the 10-year loan included five years of interest-only payments.

Elsewhere in Ohio, Bellwether Enterprise Senior Vice President Elmer Cole Jr. arranged a $22.7 million, 12-year fixed-rate loan with one year of interest-only payments for Four Towers Apartments LLC, Cincinnati. Four Towers Apartments acquired 775-unit Vantage Pointe West Apartments not long after the asset received $5 million in capital investment in 2014.

Vantage Pointe West Apartments includes 500 units reserved for very low-income renters.

Bellwether Enterprise Vice President Kelly Martone arranged $18.6 million for Nelkin Real Estate, Alpharetta, Ga. Nelkin refinanced a 12-property multifamily portfolio with a fixed-to-float hybrid loan that started at 4.07 percent for 10 years with three years of interest-only payments.

In Lafayette, Calif., Bellwether Enterprise Senior Vice President Laurie Morfin arranged a $29 million bridge loan for mixed-use property 1038 on Second Apartments. The complex contains 117 units in two- and three-story buildings and five retail units.

Morfin said 30 percent of the units received interior renovations prior to the sale and borrower Tilden Properties plans to renovate the remaining units with some loan proceeds.