Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), announced the closing of three deals totaling more than $62 million for properties in New York, Texas, and Ohio. The financings further solidify Bellwether Enterprise’s presence in key real estate markets across the nation and strengthen its role as a leader in financing affordable, multifamily, and industrial properties.
“Building on our strong start to the year, these three deals advance Bellwether Enterprise toward reaching our ambitious goals for 2017,” said Ned Huffman, president of Bellwether Enterprise. “Through its strong, diverse, and growing lending portfolio in key markets across the country, Bellwether Enterprise is helping to preserve crucial housing for low-income families and finance innovative spaces for businesses across all sectors.”
The deals include:
- The Larkspur, a $37 million affordable housing loan for a multifamily building in New York City. The eight-story mixed-income and mixed-use property resides in the Central Harlem neighborhood of Manhattan and contains 116 residential units and seven ground-floor commercial spaces. Bellwether Enterprise provided a competitive, fixed-rate MBS loan with a 12-year lending term through Fannie Mae. The terms of the financing ensure that no less than 20 percent of the units are reserved for low-income families or individuals. Jim Gillespie, senior vice president of Bellwether Enterprise in the New York office, arranged the loan for The Lemle & Wolff Companies.
- Toscana Apartments, a $10.4 million acquisition loan for a multifamily property in Carrolton, Texas. The 192-unit, Class-B multifamily community is located in the Greater Dallas area with convenient access to the Dallas North Tollway and the President George Bush Turnpike. Along with Maverick Commercial, Bellwether Enterprise granted the loan under Fannie Mae’s Green Financing program. As part of the program, HLC Equity will renovate the property to enhance water and energy efficiency for its residents. Laurie Morfin, senior vice president of Bellwether Enterprise in the San Diego office, arranged the financing for HLC Equity.
- GOJO Manufacturing Facility, a $15.19 refinance loan for an industrial property located in Cuyahoga Falls, Ohio. The property currently serves as the main manufacturing facility for GOJO Industries, Inc., the leading global producer and marketer of skin health and hygiene solutions for away-from-home settings. Jeff Musser, vice president and principal of Bellwether Enterprise in the Cleveland office, arranged the financing for GOJO Industries.
Bellwether Enterprise provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on Bellwether Enterprise’s services, visit us at: www.BellwetherEnterprise.com.
Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company. As a subsidiary of Enterprise Community Investment, Bellwether Enterprise has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, Bellwether Enterprise provides competitive, creative solutions to complex financing needs. Bellwether Enterprise has a wide variety of lending resources, including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Multifamily Licensed Seller/ Servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.
