Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), announced today the closing of a refinance transaction for a 10-property portfolio of assets located in Ohio and Texas. By crafting a full-term, interest-only loan utilizing an Index Lock, Bellwether Enterprise was able to secure the borrower, Fath Properties, a rate 75 base points lower than current rates.
“We conducted an in-depth assessment of the portfolio’s make-up to develop a customized arrangement for Fath Properties that minimizes cost and allows for preserved affordability,” said Sara Behrman, the loan’s originator and senior vice president of Bellwether Enterprise’s Cincinnati office. “Ultimately, we were able to leverage Freddie Mac’s product offerings and deliver an extremely low interest rate. Many of the units in the portfolio qualified as uncapped business, fitting into Freddie’s VLI (very low income) category when assessing the income levels of the residents. The units are clean, quiet, and well maintained and therefore provide safe and affordable housing for community residents.”
The entire portfolio consists of over 3,300 units across ten multifamily properties located between the two states. Six of the properties are located in the Greater Cincinnati/Dayton marketplace and contain 2,065 units. The remaining four properties are located in Texas and consist of 1,273 additional units.
“Sara and her team at Bellwether Enterprise did a terrific job of staying organized and working on behalf of our best interest,” said Bob Williams, chief financial officer of Fath Properties. “We greatly value their partnership and appreciate their hard work in making such a large transaction so seamless.”
“This deal reflects the industry know-how of our national team, who can draw on their expansive experience and expertise to secure the best possible deal for borrowers,” said Ned Huffman, president of Bellwether Enterprise. “We look forward to continuing to arrange lending that brings homes to families in Ohio and Texas, as well as in states across the nation.”
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, we provide clients with competitive, creative solutions for their financing needs. Bellwether Enterprise provides loans for a range of institutional investors 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.
