Dealmaker: Bellwether Enterprise Secures $97M
Bellwether Enterprise Real Estate Capital LLC, Cleveland, secured $97.3 million for apartment, retail and assets in Virginia and Ohio.
In Richmond, Va. Bellwether Enterprise arranged a $37.5 million acquisition loan for newly constructed apartment community James River at Stony Point. Located at 9101 Stony Point Parkway, the 280-unit property includes 109 one-bedroom units, 150 two-bedroom units and 21 three-bedroom units in nearly 300,000 square feet.
Bellwether Enterprise Senior Vice President Harry Giallourakis arranged a 12-year interest-only Fannie Mae loan for Heritage Income Property LLC. Heritage acquired the asset as phase two of a 1031 exchange.
Bellwether Enterprise also arranged $55.5 million for Atrium Two, a 655,200-square-foot multi-tenant office building in Cincinnati’s central business district anchored by Cincinnati Bell and Kroger’s information technology division.
A Canadian partnership with several million square feet of office space throughout the Midwest accepted a commercial mortgage-backed securities loan from Deutsche Bank. The loan included funds to accommodate additional Property Assessed Clean Energy financing so the new owner can make energy-efficient improvements. Bellwether will service the loan.
Bellwether Enterprise Senior Vice President Bob Pearson closed the deal.
Pearson also secured $4.3 million from Protective Life, Birmingham, Ala., for Western Row Corporate Campus in Mason, Ohio. The 41,386-square-foot single-tenant office building is located at the Western Row interchange along Interstate 71, which is currently being expanded.
Western Row Corporate Campus’s anchor recently increased its lease to occupy the entire building. The new loan enabled the owners to eliminate their former bank loan’s recourse provision and fix a competitive interest rate for the long term.
