Dealmaker: Bellwether Enterprise Closes $47 Million in Multifamily, Office Deals

Enterprise Community Investment Inc. subsidiary Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed three deals totaling $46.9 million in Colorado, North Carolina and Tennessee.

Sage Brook Apartments in Denver received $21 million. Maverick Commercial Properties Managing Partner David Rosenberg worked with Bellwether Enterprise Senior Vice President Laurie Morfin to arrange an 80 percent loan-to-value acquisition loan with a 10-year term and five years of interest-only payments.

Constructed in 1973, the garden-style apartment community includes 108 one-bedroom-and-one-bathroom units and 108 two-bedroom-and-one-bathroom units. 

Morfin said borrower HLC Equity, Pittsburgh, plans a $2 million renovation of unit interiors and common areas to increase occupancy and operating income.

Bellwether Enterprise also secured $19.9 million to refinance Retreat at Hunt Hill, a multifamily community in Asheville, N.C. The newly completed Class A property contains 180 units in the city’s downtown neighborhood. Bellwether Enterprise Senior Vice Presidents Vic Agusta and Jim Barber originated the loan for Hunt Hill Apartments LLC.

In Memphis, Tenn., Bellwether Enterprise Vice President Jeremy Chism arranged a $6 million acquisition loan from Wells Fargo, San Francisco, for Grove Park Office Building. Priam Capital, Nashville, Tenn., purchased the 60,000-square-foot facility.