Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc.(Enterprise), announced the expansion of its affordable housing lending group to New York City, with the hiring of three new team members who will focus on Federal Housing Administration (FHA) lending in the New York region. They will join forces with the existing NYC team that is led by Jim Gillespie. With Bellwether Enterprise’s affordable group closing $600 million in lending during 2016, the group’s existing presence in New York City, one of the nation’s most expensive housing markets, demonstrates the company’s commitment to building upon its track record in advancing affordable housing and ensuring people nationwide have access to a home they can afford.
“This expansion helps us plant a flag in New York City and solidifies our commitment to supporting affordable housing in the region,” said Phil Melton, executive vice president and national director of affordable housing and FHA lending. “Enterprise’s long history in New York City, combined with the depth and breadth of our expertise, allows us to provide the most competitive financing solutions for affordable and workforce properties. Our stronger New York City presence will be influential in supporting Bellwether Enterprise’s continued growth across the nation.”
The New York City expansion includes the hiring of two loan originators, who are thirty-year industry veterans, and one analyst to create a new team, all dedicated to supporting the affordable housing group’s mission. With a history of billions in the financing of commercial real estate, the three bring a wealth of experience and relationships to the company’s existing platform. The hires include:
- Hadley Bressman, senior vice president, loan originator, joins Bellwether Enterprise with over two decades of real estate lending experience. He was a founding partner of the Metropolitan Funding Corp, a New York City-based real estate lending firm specializing in HUD financings. At Metropolitan Funding Corp, he was responsible for over $6 billion in originations inclusive of all real-estate project types including new construction and rehabilitation, as well as a variety of diverse lending structures such as refinance, acquisition, B-piece, mezzanine, equity, bridge, and distressed asset work-outs.
- John Mannix, senior vice president, loan originator, most recently worked as a managing partner and founder of Merchant Equity Group LLC (MEG), an entrepreneurial private investment company based in New York City. Since 2004, he has directed a divestment of net leased real estate assets, office properties, and retail centers while building the firm’s Black Pearl Resorts business. John was also formerly Vice Chair of New York State Housing Finance Agency and The Affordable Housing Corp.
- Nicole Bressman, analyst, comes to Bellwether Enterprise from the Metropolitan Funding Corp 2013, where her responsibilities included loan analysis and project coordination. She has worked on over $500 million of pipeline and pending HUD/FHA projects, including 223 (f), 221 (d) 4 and 232 healthcare properties. She is a 2013 graduate of Syracuse University’s Whitman School of Business.
About Bellwether Enterprise:
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 direct Special Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Targeted Affordable Housing lender and Program Plus®Seller Servicer, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.