Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., announced the closing of $115,000,000 in financing to enable Atlantic Housing Foundation, Inc. to purchase 12 affordable housing communities across South Carolina, North Carolina, Virginia, Georgia, and Florida. The deal, comprising three separate transactions, delivers vital financing for 1,776 affordable homes in communities throughout the Southeast, and underscores Bellwether’s commitment to providing housing options for all.
The properties include:
- Shemwood Crossing Apartments (Greenville, SC)
- James River Crossing (Lynchburg, VA)
- Gretna Village Apartments (Gretna, VA)
- Afton Gardens Apartments (Roanoke, VA)
- Boulder Creek Apartments (Greenville, SC)
- Crescent Hill Apartments (Spartanburg, SC)
- Spring Grove (Taylors, SC)
- Timber Ridge Apartments (Charlotte, NC)
- Cedar Moor Apartments (Raleigh, NC)
- Brentwood Crossing (High Point, NC)
- Brittany Woods & Park Chase Apartments (Valdosta, GA)
- Temple Court (Miami, FL)
To facilitate the purchase of Shemwood Crossing in South Carolina, Bellwether Enterprise arranged a $14,500,000 bridge loan through Tilden Park Capital Management LP.
To assist in the acquisition of James River Crossing and Gretna Village Apartments, both in Virginia, Bellwether Enterprise sourced the equity needed to consummate the closing, which included existing loans from VHDA and assumed by the Sponsor.
The other nine properties were financed through a $69,616,000 10-year fixed loan funded through Freddie Mac’s Tax-Exempt Loan (TEL) program. The transaction was the first Freddie Mac TEL loan to use a 501(c)3 bond allocation. All previous Freddie Mac TEL loans were funded through 4% LIHTC bond allocations and had at least 15-year terms. In addition to the Freddie Mac TEL financing, Stifel served as financial advisor as well as raising $7,000,000 in subordinate tax-exempt bonds to complete the capital stack.