BWE Closes $100M Loan for OC Housing Development

Mortgage banking company Bellwether Enterprise Real Estate Capital LLC has closed a $100 million construction/perm loan to finance Cloud House, a Class A multifamily development in Stanton, CA. The 4.5% fixed rate loan terms includes a 3-year construction period and 10-year permanent loan with interest-only payments for the first 8 years.

BWE’s Tom Kenny and Alex Gregoire in the Irvine, CA office originated the loan on behalf of the borrower, Bonanni Development. “At BWE, we pride ourselves on working with partners to secure the best financing options, and Cloud House is an exceptional example of that commitment,” said Kenny in a news release.

The proposed five-story, 321-unit luxury apartment property consists of studio, one- and two-bedroom residences wrapped around a seven-story parking structure on 3.8 acres. Amenities include a rooftop sky deck with pool, fitness center and community outdoor spaces.