$24M Loan Obtained for Preserve at Wells Branch
Bellwether Enterprise Real Estate Capital LLC arranged acquisition financing to the tune of $23.7 million for the 308-unit Preserve at Wells Branch in Austin. The property at 1773 Wells Branch Pkwy. will be converted into affordable housing — 51% of the units will be geared toward individuals and families earning 80% or less of the area median income.
Kevin Bowen with Bellwether Enterprise’s Affordable Housing Group headquarters in Dallas arranged for the 12-year, fixed-rate mortgage, of which four years are interest only. The Fannie Mae loan was arranged on behalf of the borrower, the Housing Authority of the City of Austin. Preserve at Wells Branch, the former Hampton Apartments, was acquired by the Austin Affordable Housing Corp., the Austin Conservancy Fund, and the Community Development Trust.
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