Dealmaker: Bellwether Enterprise Closes $25M in Affordable Housing Loans
Bellwether Enterprise Real Estate Capital, Cleveland, originated $25 million for affordable and workforce housing.
The deals included a $5.2 million HUD 223(f) refinance loan in Millbrook, Ala., for Rolling Hills Apartments. The 136-unit garden-style community delivered in 1996 as a Low-Income Housing Tax Credit development.
Bellwether Senior Vice President Jon Killough originated a 35-year fixed-rate fully amortizing loan that exceeds the remaining LIHTC compliance period. He said it will allow the borrower, Millbrook Affordable Housing Partners, Ltd. to preserve the existing affordability arrangement.
Bellwether Senior Vice President Kevin Bowen arranged a $13.2 million acquisition loan for Oslo Apartments in Austin, Texas. Bridge at South Point LLC purchased the 176-unit asset as a market-rate building, but upon acquisition reserved half of the units for households earning less than 80 percent of area median income.
Bowen also arranged a $3.5 million forward conversion refinance loan for The Reserves at South Plains in Lubbock, Texas. The 106-unit affordable housing complex was built using 9 percent Low Income Housing Tax Credits and a Fannie Mae permanent loan.
In Green, Ohio, Bellwether arranged a $9.3 million refinance loan for Greenview Senior Assisted Living. The 99-unit facility recently received renovations including expanded memory-care facilities. Refinancing the 2002-vintage property allowed borrower The Inn at Green Limited LLC to pay off two outstanding loans.
