Bellwether Closes Four Affordable Housing Loans

Bellwether Enterprise Real Estate Capital LLC, the commercial mortgage banking subsidiary of Enterprise Community Investment Inc., recently closed four loan deals totaling $37 million for affordable multifamily housing in Missoula, MT; Houma, LA; El Centro, CA and Payson, UT. Anthea Martin in Bellwether Enterprise’s Denver office originated three of the loans including one with Laurie Morfin of the San Diego office and another with Bob Morton in the LaPorte, IN office. Morton also originated the loan in Payson, UT.

“Across the country, there is a great need to create and preserve affordable housing that will support communities for years to come,” said Martin. “Bellwether Enterprise is proud to work with our partners in these communities to help provide affordable high-quality homes for individuals and families.”

A nearly $5 million Federal Housing Administration interest rate reduction loan on behalf of the borrower, Karen Kennedy, was provided for Posada Del Sol, a multifamily apartment complex at 1400 N. Imperial Ave. in El Centro, CA. The property consists of 282 studios, one-, two- and three-bedroom units in 37 one-story buildings. The proposed loan will significantly benefit the project with a 2.5 percent rate, increased cash flow and no increased loan amount.