New York & Tri-State + Outer + Finance | September 23, 2020

Bellwether Arranges Loan on Brooklyn Affordable Project

Bellwether Enterprise Real Estate Capital’s Jim Gillespie and Ilya Weinstein originated a $5,672,000 loan in Brooklyn on behalf of the borrower, CB Emmanuel, and its nonprofit partner, Services for the UnderServed. The project, 461 Alabama Apartments, will be a 71-unit, 100% affordable apartment complex.

The Freddie Mac permanent loan includes a 36-month, 9% LIHTC unfunded forward commitment, with a 30-year term and 35-year amortization, at a fixed rate of 4.63%.

“Our team’s ability to close this transaction within 51 days from execution of the loan application is a testament to Bellwether Enterprise’s unwavering commitment to its clients,” said Gillespie. “461 Alabama will provide vital, high-quality affordable living options for the surrounding community.”

Forty-three apartments will be set aside for formerly homeless individuals. SUS will provide long-term onsite social services to the residents, who will also have access to a private rooftop garden.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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