New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
