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Atlanta & Southeast  + Southeast  + Finance  |  October 17, 2019
David Cohen
By: David Cohen

Bellwether Secures $22M Construction Loan for Virginia MF Property

Bellwether Enterprise Real Estate Capital has secured a $21.9 million Virginia Housing Development Authority (VHDA) loan for the development of Monroe Gates Apartments, located at 200 South Mallory Street in Hampton.

The development will create 162 new homes on the vacant five-acre site consisting of eight two-story town houses, four carriage home units and 150 one- and two-bedroom apartments across five three-story elevator buildings. The community will feature a clubhouse with fitness center, media room, conference facilities, dog park and pool. Additionally, at least 20% of the homes will be priced as affordable housing, based on the area median income.

Kelly Martone, of Bellwether Enterprise in the firm’s Norfolk office, arranged the VHDA loan on behalf of the borrower, the Whitmore Co. The 35-year construction to permanent nonrecourse loan has an 82% loan to cost ratio.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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