Bellwether Enterprise Provides $75M in Loans for Seven Properties
By Keith Loria, Contributing Editor
Bellwether Enterprise Real Estate Capital, L.L.C., the multi-family and commercial banking subsidiary of Enterprise Community Investment, Inc., has provided an approximate $75 million loan to a Cincinnati-based owner/operator for the refinancing of five garden-style apartment properties in Texas and two garden style properties in Ohio.
All seven properties were workforce housing apartments and the $75 million loan was originated in Bellwether Enterprise’s Cincinnati office and was closed and securitized using a Freddie Mac Capital Markets execution. The owner’s name was not released.
“Our multi-family focus revolves around affordable and workforce housing, and certainly many of the loans display those characteristics,” Lamar Seats, Bellwether Enterprise’s CEO, told Commercial Property Executive. “Something we continue to seek to do is strengthen the fabric of communities.
The Texas properties consisted of the 244-unit Canyon Creek Apartments, located at 10951 Stone Canyon Road, Dallas; the 142-unit Gateway Place Apartments, located at 782 Gatewood Dr., Garland; the 348-unit The Boulders Apartments, located at 6337 Duck Creek Dr., Garland; the 180-unit Summit at Midtown Apartments, located at 10602 Stone Canyon Road, Dallas; and the 109-unit Woodbridge Apartments, located at 10702 Stone Canyon Road, Dallas.
The Ohio properties were the 258-unit Deer Hill Apartments, located at 2551 Spindle Hill Dr., Cincinnati; and the 660-unit Fairfield Pointe Apartments, located at 2400 Albemarie Dr., Fairfield.
Since launching on May 31 of this year, Bellwether Enterprise has provided more than $421 million in financing for property, including $211 million for multi-family rental housing.
“Multi-family was strong throughout the recession,” Seats said. “Part of that was lack of new construction. There were very few deliveries of new units into the market. We think the higher occupancy rates for existing properties, increasing the rental rates, were very bullish of the market overall.”
In addition, the company has approved $114 million for retail loans, $58 million for hospitality loans, $22 million for healthcare loans, $12 million for office loans and $4 million for industrial loans.
“As Enterprise celebrates 30 years of innovation and leadership, we are pleased to announce strong results since Bellwether Enterprise’s first day as a new organization,” Seats said. “Bellwether Enterprise, in addition to its commercial mortgage banking platform, will continue to focus on financing affordable and moderate income rental housing.”
In May, Enterprise’s Multifamily Mortgage Finance division merged with Bellwether Real Estate Capital to expand its collective geographic reach, and multi-family and commercial banking product offerings for borrowers across the country.
“Bellwether Enterprise is on track to reach $1.4 billion in mortgage production volume for the 2012 calendar year,” Ned Huffman, Bellwether Enterprise’s president, said. “The success of this transaction demonstrates our commitment to provide the most comprehensive financing solutions for our customers across all multi-family and commercial property types.”