Dealmaker: Bellwether Enterprise Closes Two Multifamily Deals Totaling $122M
Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed an $80 million refinancing loan for the Flats at East Bank Apartments, a mixed-use multifamily-retail property in downtown Cleveland.
Jim Doyle, senior vice president in Bellwether Enterprise’s Cleveland office, secured the loan from Deutsche Bank AG. “Through refinancing the property’s construction debt, the loan will provide the additional funds needed to expand to new retail tenants,” he said.
Constructed last year, the Flats at East Bank Apartments houses 241 fully occupied Class A apartments near First Energy Stadium, Quicken Loans Arena and Progressive Field. A 61,000-square-foot retail building that houses restaurant and entertainment businesses including Punch Bowl Social, Beer Head, Magnolia and the recently announced Thirsty Dog and Rascal Flatts is part of the property.
In Norwood, Mass., Bellwether Enterprise arranged $41.5 million in joint venture equity financing for John M. Corcoran and Co., Braintree, Mass., which acquired Windsor Garden Apartments for $199 million. The deal represented the first equity financing arranged by the firm’s Equity Products division, which formed in November.
Bellwether Enterprise Equity Products Director Todd Johnson arranged and structured the joint venture equity from a New York real estate investment fund.
Johnson said Bellwether Enterprise has relationships with more than 115 equity providers providing both preferred and joint venture equity. Transactions typically range from $3 to $100 million of equity per investment, with each investment lasting three to seven years.
Windsor Garden Apartments is a 914-unit apartment community with 31 garden-style apartment buildings, 36 two-story townhouses and six accessory buildings including a clubhouse and daycare. The community includes an on-site commuter rail station providing direct service to Boston’s Back Bay and South Station.
