Bellwether Closes Loans on Affordable Complexes in Chicago and Elsewhere
Bellwether Enterprise Real Estate Capital LLC recently closed four loan deals totaling $72,069,154 for affordable senior housing in Chicago, Franklin Park, and Des Plaines IL, and affordable multifamily housing in Baltimore, MD and Newark, NJ.
Victor Agusta, EVP in Bellwether Enterprise’s Raleigh, NC office, originated all four loans. The deals include:
• Heiwa Terrace, a $28,500,000 Federal Housing Authority 221(d)(4) insured construction and permanent loan with 4% Low-Income Housing Tax Credits on behalf of the sponsor, the Japanese American Service Committee, for the renovation and preservation of a 200-unit age-restricted property at 920 W Lawrence Ave. in Chicago.
• Franklin Tower (Franklin Park) and Henrich House (Des Plaines), a $6,550,000 Freddie Mac Multifamily Affordable Housing permanent loan on behalf of the sponsor, the Housing Authority of Cook County, after the substantial renovation of two midrise towers. Both serve low-income seniors.
• City View at McCulloh, a $29,129,154 FHA Interest Rate Reduction loan on behalf of The Community Builders, for the refinancing of a recently renovated, 350-unit affordable multifamily housing complex in Baltimore.
• Aston Heights, a $7,890,000 Freddie Mac permanent loan on behalf of Pennrose Properties, for a newly constructed affordable multifamily development in Newark.
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).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!