Bellwether Enterprise Finances Four Affordable Housing Properties In S.C.
Jun 07, 2019 11:16AM
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 $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.
“Through these loans, Bellwether Enterprise’s affordable housing team is further expanding its geographic reach in the Southeast and building upon a long-standing commitment to provide viable housing options to underserved communities,” said Ned Huffman, president of Bellwether Enterprise. “We are dedicated to supporting the economic vitality of communities through our flexible and customized loans to ensure every family has a quality and affordable place to call home.”
The South Carolina properties are:
· Shemwood Crossing Apartments (Greenville, S.C.)
· Boulder Creek Apartments (Greenville, S.C.)
· Crescent Hill Apartments (Spartanburg, S.C.)
· Spring Grove (Taylors, S.C.)
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.
Phil Melton, executive vice president and national director of affordable housing and FHA lending at Bellwether Enterprise in the Dallas office, arranged the loans on behalf of the borrower, Atlantic Housing Foundation, Inc.
“This transaction took a commitment from multiple real estate firms and professionals to get closed,” said Melton. “There were a multitude of complexities to work through, including the FHA shutdown late in 2019. I can’t say enough good things about the overall team in getting this deal to closing. It will ensure the affordability of 1,776 units across the Southeast for the long term.”
Michael Nguyen, president and CEO of Atlantic Housing Foundation, Inc., added, “The exciting opportunity to add these assets to our growing portfolio in the Southeast allows us to continue the Atlantic Housing Foundation mission of transforming communities by making a difference in the lives of our residents. We look forward to serving our new residents by providing our time-tested model of community service, asset management, and our customer-service focus to help transform the lives of our residents and improve the communities where we operate.” Michael further states, “I’m grateful for the exceptional execution of Bellwether and our dedicated team of professionals, without whom this transaction would not be possible.”
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.