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Chicago & Midwest  + Greater Chicagoland  + Finance  | 

Bellwether, BMO Harris Ink $46M Deal to Preserve Affordable in Elmhurst

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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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 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).