Dealmaker: Bellwether Enterprise Secures $187M for Multifamily, Industrial Assets

Bellwether Enterprise Real Estate Capital, Cleveland, secured $185 million to refinancing three AvalonBay multifamily properties in California and Maryland.

The firm arranged three loans totaling $185.1 million to refinance Avalon Russet in Laurel, Md., Eaves Woodland Hills in Woodland Hills, Calif. and Eaves Los Feliz in Los Angeles. The portfolio totals 1,384 units.

Bellwether Enterprise loan originator Kip Kimble, a Senior Vice Present in the firm’s Boston office, arranged the financing. All three 10-year fixed-rate loans were full-term interest only.

“Many lenders were interested in providing this financing due to the quality of the three properties and AvalonBay’s strong sponsorship,” Kimble said.

Bellwether Enterprise recently opened an office in Irvine, Calif. and secured $2.2 million refinance loan for an industrial distribution property in Carson, Calif. Part of Los Angeles County’s strong South Bay industrial submarket, the property included two warehouse buildings totaling 31,500 square feet on 1.9 acres. Both buildings were fully leased to two tenants at the time of loan funding.

Tom Kenny, Executive Vice President in the firm’s new Irvine office, and Vice President Josh Boehling arranged the life insurance company financing. Kenny said the 15-year fully amortizing loan was a low-leverage transaction with a 4.25 percent interest rate.