Bellwether Enterprise Tag Archives

Woda Cooper Companies Holds Grand Opening for LIHTC property in Kentucky

Woda Cooper Companies recently celebrated the Grand Opening of Towne Creek Crossing in Walton, KY. This is a new multifamily community offering 44 affordable rental townhomes for households earning up to 60 percent of area median income. Co-developed by Woda Cooper Companies, Inc. and Housing Services Alliance, Towne Creek Crossing is comprised of one-, two- and three-bedroom townhomes for families, singles or seniors.

Read More

Bellwether Enterprise Strengthens Affordable Housing Group with VP Hire and Three EVP Promotions

Bellwether Enterprise, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, announced the expansion of its Affordable Housing Group, hiring Lundat Kassa as a vice president based in the Washington DC office and promoting three leaders to the executive vice president level: Victor Augusta in Raleigh, NC; Jon Killough in Montgomery, AL; and NH&RA board member, Jim Gillespie, New York, NY.

Read More

Bellwether Enterprise Hires New Dallas Senior Vice President in its Affordable Housing Group

Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), hired Jeff Bradley as a senior vice president to work with its Affordable Housing Group in the Dallas office. Jeff is responsible for originating commercial real estate loans with a specialization in affordable and market rate multifamily housing, and he also serves industry, hospitality and single tenant net lease sectors nationwide.

Read More

Bellwether Enterprise Closes $115 Million in Financing for 12 Affordable Housing Communities across the Southeast

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.

Read More

Bellwether Enterprise Closes Over $430 Million in Affordable Housing Loans in Q4, 2017

Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), announced the projected closing of over $430 million in loans for over 24 affordable housing properties across the country in Q4, 2017. In the month of October alone, the Affordable Housing team closed more than $160 million of this total number. Building on Bellwether Enterprise’s long-standing expertise in the affordable lending space, this high volume of deals further demonstrates the company’s deep commitment to preserving and rehabilitating affordable housing properties for families in need across the nation.

“With mounting threats to our country’s affordable housing stock, the Bellwether Enterprise team is more committed than ever before to bringing our flexible financing solutions to our country’s most vulnerable communities,” said Ned Huffman, President of Bellwether Enterprise. “Throughout Q4, our affordable lending team truly outdid themselves and worked in tandem to effectively preserve over 3,500 units of affordable housing. This not only highlights our leadership in the affordable lending space, it directly benefits thousands of families who currently, or will one day, rely on these properties for a stable place to live.”

Highlights include:

  • Aeon Towers Portfolio, a fixed-rate preservation acquisition loan for 10 affordable housing properties located in the Minneapolis–Saint Paul metropolitan region in Minnesota. Combined, the properties feature 768 units and are located across four cities—Bloomington, New Hope, St. Paul, and Brooklyn Center.

Phil Melton, Executive Vice President and National Director of Affordable Lending and FHA Lending at Bellwether Enterprise, arranged the deal using Freddie Mac THA as the lender. Bellwether Enterprise facilitated the acquisition using two tranches of the Freddie Mac fixed-rate mortgage pools. The first, a joint venture between Aeon, Enterprise Opportunity Fund, and BMO Harris Bank, included six properties and was financed by individual seven-year, fixed-rate loans. The second, a joint venture between Aeon and the Greater Minnesota Housing Fund, included four properties and was financed by individual 10-year, fixed-rate loans.

  • Appling Lakes at Cordova Club, a Fannie Mae MBS acquisition loan for a workforce housing property in Cordova, Tennessee. Located outside Memphis, the 312-unit property is situated across 26 acres and includes 17 two- and three-story residential buildings and a clubhouse. The property also features top-notch amenities including a fitness center, lighted tennis court, sand volleyball court, pool, business center, and clubhouse with a full kitchen.

Phil Melton and John Roberts, Vice President of Bellwether Enterprise in the Dallas office, arranged the seven-year fixed-rate financing using Fannie Mae as the lender. The loan features interest-only for the first year—enabling the borrower to take advantage of reduced debt service obligations while completing extensive improvements to unit interior finishes and amenity refurbishments.

  • Building 9 South (Mercy Magnuson Place), a Freddie Mac Forward Tax Exempt Loan (TEL) for the gut renovation of an affordable housing property in Seattle, Washington. The project entails the adaptive re-use and rehabilitation of a historically-significant naval barracks into a 148-unit affordable apartment building. The project will include amenities such as a health center, daycare center, and computer lab. The building’s exterior and key historic interior elements will be preserved, and energy efficiency will be prioritized during reconstruction.

Jim Gillespie, Senior Vice President of Bellwether Enterprise in the New York office originated and structured the financing using Freddie Mac as the permanent lender. Enterprise Community Investment, Inc, the tax credit equity syndication arm affiliated with Bellwether Enterprise, will provide the tax credit equity on the project. The Freddie Mac TEL loan will finance a 108-unit portion of the total project, while a separate nine percent low-income housing tax credit (LIHTC) transaction will finance the Building 9 North phase. The permanent funding sources for the Building 9 South phase include the Freddie Mac permanent loan, four percent LIHTC and historic tax credit equity, three soft subordinate loans, a deferred developer fee, and owner equity.

  • The Savannah at Gateway, a Fannie Mae MBS 15-year fixed-rate loan for an affordable housing property in Plano, Texas. The senior community is a LIHTC property that features 292 units reserved for tenants aged 55 or older. Located near the intersection of Shiloh and Renner roads, the property includes a clubhouse, fitness center, community kitchen, and recreation room. Individual apartments also feature balconies, high ceilings, and efficient appliances.

John Roberts and Jon Killough, Senior Vice President of Bellwether Enterprise in the Montgomery office, arranged the loan using Fannie Mae as the lender. The financing will pay off existing bonds used for construction and help ensure the property remains an affordable place for moderate- to low-income tenants to live.

“The need for affordable housing is growing at a rapid rate across the country—yet supply continues to dwindle,” said Phil Melton. “I’m proud of the entire Bellwether Enterprise Affordable Housing team for their dedicated efforts to address this alarming problem, which affects over 11 million Americans who are forced to spend more than 50 percent of their income on rent. By providing financing to borrowers that are committed to creating, preserving, enhancing, or acquiring affordable housing properties, we’re helping to ensure that nationwide, communities in need have a place to call home.”

Bellwether Enterprise Expands New York Office

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.