Dealmaker: BWE Closes $75M for Arizona Multifamily

Bellwether Enterprise Real Estate Capital LLC, Cleveland, Ohio, closed a $75 million HUD 221(d)(4) loan to construct Legado Apartments, a multifamily property in downtown Prescott Valley, Ariz.

Legado Apartments, Prescott Valley, Ariz.

Jim Swanson, Executive Vice President in BWE’s Phoenix office, originated the loan through HUD’s 221(d)(4) Mortgage Insurance Program on behalf of the developer, Fain Signature Group. Fain Signature Group has been working in Prescott Valley since 1874.

The non-recourse, fully assumable loan features a 40-year, fully amortizing loan term. The HUD-insured financing provides a combined construction and permanent loan.

Legado Apartments is a 329-unit luxury multifamily, mid-rise apartment property consisting of one-, two- and three-bedroom units. Unit amenities include Energy Star appliances, washer/dryers, patio/balcony storage and scenic views. The gated community offers electric vehicle charging stations, elevators serving all apartment floors and a parking garage. Common area amenities include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, a picnic area with BBQ and recreation areas with a dog run and dog washing station. The property will be built to a high standard of energy efficiency and obtain an Energy Star certification at the end of construction.

As part of the mixed-use residential and commercial development project located in the Prescott Valley Entertainment District, the property will also have a rooftop restaurant open to the public and a variety of restaurants, including cafes, and retail on the first and sixth floors of the property.