Dealmaker: Bellwether Enterprise Closes $44M in Retail, Office and Mixed-Use Loans

Bellwether Enterprise Real Estate Capital, Cleveland, closed four loans totaling $44.2 million for retail, office and mixed-use properties in Louisiana, Tennessee and North Carolina.

The six properties represented a mix of new construction and redevelopment work.

The deals included a $21 million loan for Ochsner Health Clinic, a new medical clinic and office building at 1532 Robert E. Lee Blvd. in New Orleans. The three-story, 58,100-square-foot facility will house obstetrics, pediatrics and internal medicine facilities.

Bellwether Enterprise Senior Vice President Matt Good arranged the loan from VOYA Investments, Scottsdale, Ariz.

Good also secured $9.1 million for a two-property retail portfolio. University Center in Johnson City, Tenn., is a 14,700-square-foot multi-tenant retail building. The Shoppes at Hermitage Hills in Hermitage, Tenn. near Nashville is a 19,800-square-foot multi-tenant retail building.

Wells Fargo supplied the commercial mortgage-backed securities loan to borrower Bond Street Advisors, Charleston, S.C.

In Charlotte, N.C., Pinnacle Bank, Lincoln, Neb., supplied an $8.4 million loan secured by Tryon Medical Office. The new 29,000-square-foot medical office building is leased to Tryon Medical Partners, an 88-physician medical group with seven offices in the area. The group signed a 15-year lease with one 10-year renewal option.

Bellwether Enterprise Vice President Marshall Waller arranged a $5.7 million loan for borrower Belmont Sayre, Carrboro, N.C., to redevelop an abandoned textile mill in Mt. Airy, N.C. into 65 new apartments. First Carolina Bank, Rocky Mount, N.C. was the lender.

The property, Spencer’s Mill, will offer one-, two- and three-bedroom units upon delivery. It is the first phase of a larger master-planned development that will include a redeveloped hotel and conference space and a 500-seat performing arts theater.