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