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Texas  + Finance  |  September 17, 2020
Paul Bubny
By: Paul Bubny

Bellwether Closes Affordable Deals in Austin, DFW Metro

Bellwether Enterprise Real Estate Capital LLC closed three loans totaling $88.4 million for the creation and preservation of affordable multifamily housing in Austin and Garland. Phil Melton, Dallas-based national director of affordable and FHA production, and Cindy Hannon, SVP in the Duluth, GA office, originated the loans.
 
The three deals are:
 
• Austin Manor Apartments, a $42,670,000 Freddie Mac Unfunded Forward Tax-Exempt permanent loan to construct a 280-unit, 4% low-income housing tax credit (LIHTC) housing development at 6625 E. Parmer Ln. in East Austin.
• Austin Colorado Creek, a $32,650,000 Freddie Mac Unfunded Forward Tax-Exempt permanent loan to construct a 240-unit affordable multifamily community at 2917 Falwell Ln. in Austin. 
• City Square Artist Lofts, a $13,115,000 Freddie Mac refinance loan for a 128-unit, 9% LIHTC property at 705 W. Ave. B in downtown Garland.

“These deals exemplify Bellwether Enterprise’s commitment to preserving and expanding affordable housing in Texas,” said Melton. 

Pictured: Rendering of Austin Manor Apartments.

For comments, questions or concerns, please contact Paul Bubny

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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 16-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 7-10 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 GlobeSt.com 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).
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