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Texas  + State of Texas  + Apartments  | 
Bellwether secures $7.6M for Mount Vernon apartment refi

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.


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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.