Bellwether Enterprise Real Estate Capital LLC , its parent company Enterprise Community Investment Inc.  and BMO Harris Bank, in conjunction with joint venture developer partner Cohen-Esrey, closed on a $45,845,000 deal to finance the acquisition, rehabilitation and preservation of 315 affordable homes at Elmhurst Terrace in Elmhurst, IL.

Bellwether Enterprise provided a $28,840,000 Freddie Mac loan to finance the acquisition. Enterprise, BMO Harris and Cohen-Esrey invested $17,005,000 for the affordable multifamily property rehabilitation and preservation.

Phil Melton, EVP and national director of affordable/FHA production in Bellwether Enterprise’s Dallas office, arranged the 10-year, fixed-rate loan with five years of interest-only on behalf of the borrower.

“Bellwether Enterprise is committed to providing flexible financing options for affordable properties throughout the country, especially at a time when communities are becoming more and more expensive for families,” said Melton.

The development, located 19 miles west of downtown Chicago, was constructed in 1947.

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