Bellwether Enterprise Secures $411M in Loans
The mortgage banking subsidiary of Enterprise Community Investment Inc. closed 40 deals worth a total of $411 million in loans last month.
By Alexandra Pacurar
Greenview Senior Assisted Living in Green, Ohio
Cleveland—Bellwether Enterprise Real Estate Capital LLC announced 40 successful transactions in May totaling $411 million in loans. The deals included refinancing loans for various commercial and residential properties.
The Cleveland-based commercial and multifamily mortgage banking company ensured a $9.4 million refinance loan for Greenview Senior Assisted Living in Green, Ohio. The 99-unit property was built in 2002 and recently it expanded its memory care facilities and added a sun room. Bellwether Enterprise financed the loan with Thrivent Financial for Lutherans and refinanced with a HUD-insured loan to keep the property in their portfolio.
Bellwether Enterprise also sealed the deal on a $3.3 million refinance loan for The Colony, a multifamily community in Toledo, Ohio. The recently completed property’s early leasing strength and high quality construction helped it secure loan funding. Originator DJ Effler, senior VP at Bellwether, arranged a 15-year term loan with five years of interest-only payments and was able to return almost all of the borrower’s equity.
Bellwether Enterprise also secured a $5.1 million refinance loan for Sandy Springs Village, a shopping center built in 1977 and located in Sandy Springs, Georgia. The lender’s ability to fund the property several months before a primary tenant took occupancy was key to its winning the business.
Ned Huffman, president of Bellwether Enterprise
“Bellwether Enterprise’s access to one of the best mortgage capital platforms in the nation makes deals like these possible. We are proud that our longstanding relationships enable our partners to create diverse developments around the country,” Ned Huffman, president of Bellwether Enterprise, said in a prepared statement.
Bellwether Enterprise provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate.
Image courtesy of Warmus Builders
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