Bellwether Closes $7.6M Loan for E Texas Affordable Housing Community
Bellwether Enterprise Real Estate recently closed a on a deal totaling more than $7.6 million to refinance an affordable housing complex in Mt. Vernon, Texas, an hour east of Dallas.
Logan’s Pointe in Mount Vernon was the site for a $7,600,000 direct bond purchase originated on behalf of Envolve Communities to finance the acquisition, rehabilitation and permanent financing of a 100-unit low income housing tax credit (LIHTC) garden-style apartment complex. Made up of 25 two-story buildings, the complex includes a fitness center, laundry facility, pool and playground. The 100-unit complex was built in 2003 and units range from 2-4 bedrooms.
90% of the units will be available to households earning 60% of the area median income (AMI), and the remaining 10% will be available to families earning 50% AMI. The direct bond purchase includes a 17-year fixed-rate term with two years of interest-only payments during the stabilization period and a 40-year amortization.