Dealmaker: Bellwether Enterprise Closes $24M For Maryland Affordable Housing

Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed three loans totaling $24.3 million for capital improvements at three Maryland affordable multifamily housing properties.

Victor Agusta, Executive Vice President in BWE’s Raleigh, N.C., office, originated the loans for Enterprise Community Development. BWE and Enterprise Community Development are both subsidiaries of national affordable housing nonprofit organization Enterprise Community Partners.

The subject properties included:

•             Park View at Furnace Branch in Glen Burnie, Md., which received a $9.5 million Fannie Mae Tax-Exempt Bond Collateral loan to finance capital improvements to the community at 7466 East Furnace Branch Road. All Park View at Furnace Branch units are reserved for low-income households. Primary funding came via a bond issued by the Maryland Community Development Administration and Low-Income Housing Tax Credit equity syndicated by Enterprise Community Development. The property received a 17-year mortgage with a 40-year amortization schedule.

•             Park View at Snowden River, a 100-unit community at 8610 Snowden River Parkway in Columbia, Md., received a $7.7 million Fannie Mae Tax-Exempt Bond Collateral loan. Primary funding came via a bond issued by the Maryland Community Development Administration and LIHTC equity syndicated by Enterprise Community Development. The property, which has a 17-year mortgage term and a 40-year amortization, is subject to a PILOT agreement with Howard County, Md.

•             Park View at Ellicott City II in Ellicott City, Md. received a $7.1 million Fannie Mae Tax-Exempt Bond Collateral loan. The 91-unit property at 8700 Ridge Road also received a 17-year mortgage with a 40-year amortization schedule and is also subject to a PILOT agreement with Howard County.

“Preserving existing affordable homes is critical to ensuring the expansion of the country’s affordable housing stock,” Agusta said.