Chicago & Midwest + Midwest + Finance | July 6, 2021

Bellwether Closes Fannie Mae Loan on Minnesota Affordable

Bellwether Enterprise Real Estate Capital LLC closed a $10,080,000 Fannie Mae loan for the acquisition of Four Seasons Apartments in Faribault, MN, south of the Twin Cities. The 144-unit property was purchased for $12,500,000 by a subsidiary of Felfam Limited Partnership, a third-generation family partnership based in California

The four-building property was built in the 1970s and has gone through exterior updates in the past five years. New ownership plans to continue updating the property.

The development is the first transaction out of Bellwether Enterprise’s Minneapolis office to utilize Fannie Mae’s new Sponsor-Initiated Affordability (SIA) program. The SIA program will ensure rents are affordable to tenants earning 80% of Area Median Income or less.

“We are actively searching for more projects in Minnesota because of the critical mass we have there,” said Felfam general partner Ryan Stomel. “The economic stability in the state continues to impress us.”

Photo courtesy of Faribault Area Chamber of Commerce & Tourism.

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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 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).