Dealmaker: Bellwether Enterprise Closes $37M for Affordable Housing
Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed four loans totaling $37.1 million for affordable multifamily housing in Montana, Louisiana, California and Utah.
Anthea Martin, Senior Vice President in the firm’s Denver office, originated three of the loans, including one with Laurie Morfin, Senior Vice President in the San Diego office, and another with Bob Morton, Senior Vice President in the LaPorte, Ind. office. Morton also originated the Utah loan.
The deals included:
–Villagio Apartments in Missoula, Mont., a $25.6 million Freddie Mac Forward Tax-Exempt Loan on behalf of the guarantor, the Missoula Housing Authority, for the construction of a 200-unit multifamily community at 1140 and 1180 Otis Street.
The property’s permanent funding sources include soft subordinate loans from City HOME Funds, a State HOME Award, a sponsor loan and 4 percent Low-Income Housing Tax Credits. Enterprise also provided a $24.8 million LIHTC investment.
–Renaissance Oaks in Houma, La., received a $5.1 million senior construction and permanent loan through the Rural Housing Service Section 538 Guaranteed Rural Rental Housing Program on behalf of borrower Iris Development.
The two-year construction loan and 38-year permanent loan term will support the redevelopment of the 122-unit garden-style apartment complex. The site has also been awarded a FHLB grant.
–Posada Del Sol in El Centro, Calif. received a $4.9 million Federal Housing Administration Interest Rate Reduction loan. The property consists of 282 studio, one-, two- and three-bedroom units in 37 one-story buildings. The new loan will significantly benefit the project with a 2.5 percent rate, increased cash flow and no increased loan amount. –Mountain View Apartments in Payson, Utah, received a $1.4 million Rural Housing Service Section 538 GRRHP senior construction and permanent loan. Borrower Mountain View Associates will substantially rehabilitate the property at 987 E. 200 North.
