Dealmaker: Bellwether Enterprise Closes $59M for Austin Affordable Multifamily

Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed a $59 million Fannie Mae Multifamily Affordable Housing loan deal to acquire Broadstone 8 One Hundred, located at 8100 Anderson Mill Road in Austin, Texas.

Kevin Bowen, executive vice president in Bellwether Enterprise’s Dallas office, originated the loan on behalf of the borrower.

“Ensuring that families have access to high-quality, affordable homes is critical for communities in Austin as the city continues to grow,” Bowen said.

Broadstone 8 One Hundred consists of 376 one- and two-bedroom units. At acquisition, the borrower restricted 50% of the units for tenants making 80% or less of area median income. The property includes a clubhouse for residents with entertainment spaces, a 24/7 athletic center, an executive business center, a resort-style swimming pool and a dog park. In-home amenities include custom hardwood-style flooring, designer carpeting, granite countertops, washers and dryers and walk-in closets.