Bellwether Enterprise Arranges $20M Refi for Cypress Creek

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Bellwether Enterprise Real Estate Capital LLC closed on a $19.6 million refinance loan for Cypress Creek Apartment Homes at Parker Boulevard. The sponsor, Bonner Carrington, developed and now manages the mixed-income, 220-unit property at 7000 W. Interstate 30 Frontage Rd. in Royse City, TX.

The apartment complex opened in early 2017, and offers one, two, three and four-bedroom units. The property operates under the rent and income restrictions of the RHS-538 GRRHP, and 9% Low-to-Moderate-Income Housing Tax Credit programs. Fourteen units are restricted to 30% of the area median income (AMI), 56 units at 50% of the AMI and 70 units are at 60%.

Kevin Bowen and Bob Morton with Bellweather Enterprise arranged the senior permanent loan, which consisted of a 24-month, forward-rate lock, 40-year term and 40-year amortization. The loan was used to complete the property’s acquisition and construction.

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