Dealmaker: Bellwether Enterprise Closes $24M in Minneapolis, Nashville

Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed two loans totaling $23.6 million to finance an affordable transit-oriented housing development in Minneapolis and fully furnished short-term rental community in Nashville.

Lucas Goring, Senior Vice President in BWE’s Minneapolis office, originated the Minneapolis deal; Ryan Morris, Associate Vice President in BWE’s Chicago office, originated the Nashville loan.

The subject properties included:

Southsider, Minneapolis, Minn.

•       Southsider at 3029 22nd Ave S. in Minneapolis. Borrower L&H Partners Owner LLC, St. Louis Park, Minn., received a $17.6 million bank loan to finance the 123-unit affordable property. Southsider received transit-oriented development grants that helped make it 100% affordable to families making 80% of the area median income. The five-year loan included 18 months interest-only payments.

•       The Robertson at 6511 Robertson Ave. in Nashville. Borrower Oldtown Capital Partners, Chicago, received a $6 million bridge loan for its newly constructed 14-unit fully furnished short-term rental community. A complex organizational structure meant Oldtown Capital needed an acquisition bridge loan to close quickly on the property and to give the permanent lender time for underwriting and closing. The bridge loan also gave Oldtown Capital time to renew all short-term rental licenses for the property.