6-14-19

Real Estate Journal — Creative Financing — June 14 - 27, 2019 — 15A

www.marej.com

M id A tlantic

C reative F inancing

ORFOLK, VA — Bell- wether Enterprise Real Estate Capital Melton arranged the loans on behalf of the borrower, Atlantic Housing Foundation, Inc. Bellwether Enterprise arranges $115 million in financing for 12 affordable housing communities N

prise arranged a $14.5 million bridge loan through Tilden Park Capital Management LP. To assist in the acquisition of James River Crossing and Gretna Village Apartments, both in VA, Bellwether Enter- prise sourced the equity needed to consummate the closing, which included existing loans from VHDA and assumed by the sponsor. The other nine proper - ties were financed through a $69.616 million 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 al- location. All previous Freddie Mac TEL loans were funded through 4%LIHTC bond alloca- tions and had at least 15-year terms. In addition to the Fred- die Mac TEL financing, Stifel served as financial advisor as well as raising $7 million in subordinate tax-exempt bonds to complete the capital stack. Phil Melton , executive vice president and national direc- tor of affordable housing and FHA lending at Bellwether Enterprise in the Dallas office, arranged the loans on behalf of the borrower, Atlantic Housing Foundation.

“This transaction took a com- mitment from multiple real es- tate firms and professionals to get closed,” said Melton. “There were a multitude of complexi- ties to work through, including the FHA shutdown late in 2019. I can’t say enough good things about the overall team in get- ting 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, added, “The excit- ing opportunity to add these assets to our growing portfolio in the Southeast allows us to

continue the Atlantic Housing Foundation mission of trans- forming communities by mak- ing 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 resi- dents and improve the com- munities where we operate.” Nguyen 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.” 

LLC (Bell- wether En- t e rpr i s e ) , t h e c o m - mercial and mu l t i f am - ily mortgage b a n k i n g subsidiary of Enterprise

Phil Melton

Community Investment Inc. (Enterprise) , announced the closing of $115 million in financing to enable Atlantic Housing Foundation, Inc. to purchase 12 affordable hous- ing communities across South Carolina, North Carolina, Vir- ginia, Georgia, and Florida. The deal, comprising three separate transactions, delivers vital financing for 1,776 afford- able homes in communities throughout the Southeast, and underscores Bellwether’s com- mitment to providing housing options for all. “Through these loans, Bell- wether Enterprise’s afford- able housing team is further expanding its geographic reach in the Southeast and building upon a long-standing commit- ment to provide viable housing options to underserved com- munities,” said Ned Huffman , president of Bellwether Enter- prise. “We are dedicated to sup- porting 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 properties include: • Shemwood Crossing Apart- ments (Greenville, SC) • James River Crossing (Lynch- burg, 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 Enter-

Recently Closed Loans

$7,750,000 $2,250,000 $5,388,000 Multifamily Construction Loan Acquisition Bridge Loan Multifamily Permanent Refinance Philadelphia, PA King of Prussia, PA Philadelphia, PA 30-day LIBOR, 24-months, IO, 75% LTV, 70% LTC 5.5%, 24-months, I/O, 75% LTV 4.5%, 7/30, LTV 75%, Non-Recourse

Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19428 • 610-456-9644 • bgreen@realpropertycapital.com

Made with FlippingBook - Online Brochure Maker