Bellwether Enterprise Provides $38M Construction Loan for Workforce Housing Project in Charlotte

Bellwether Enterprise, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has provided a $37.9 million construction loan for The Oliver, a 222 unit to-be-constructed Transit Oriented workforce housing mid-rise multifamily community located in the University City submarket of Charlotte.

The Oliver will include an array of community amenities, including 260 surface parking spots, a saltwater pool, gated pet park, fitness center and clubhouse. Located directly adjacent to the Tom Hunter Station on the LYNX Blue line, The Oliver is a designated transit-oriented development (TOD) and is less than a quarter mile from the I-85 connector. With multiple transportation options, residents will have easy access to Uptown Charlotte, the University City center, UNC Charlotte, the Centene Corporation Southeast Headquarters and the University City Entertainment District.

Bobby Werhane and Will Oldham of Bellwether Enterprise’s Charlotte office, originated the loan on behalf of the borrower, J. Forrest & Spinnaker Real Estate Partners. The property utilizes single-source, 80 percent loan-to-cost (LTC), non-recourse, construction financing through Benefit Street Partners.