Bellwether Enterprise Real Estate Capital Arranges $36M to Build Affordable Community in Apex
DHIC, Inc., a Raleigh, NC-based nonprofit affordable housing developer, has secured $35.5 million to finance the construction of a new affordable housing community in Apex, NC.
Victor Agusta of Bellwether Enterprise Real Estate Capital, LLC originated the loan for the Broadstone Walk project through a private placement on behalf of DHIC, Inc. The loan includes $23,000,000 in construction and permanent tax-exempt bonds and $12,500,000 in taxable construction bonds. The loan has an 18-year term and a 45-year amortization. Bellwether Enterprise Real Estate Capital, LLC also executed an interest rate buy-down feature to help with loan proceeds.
“As we work toward a solution to our housing affordability crisis, Bellwether Enterprise Real Estate Capital LLC will continue to work with partners across the region to finance projects that will create quality and affordable homes for families in need,” said Agusta.
Broadstone Walk will comprises eight garden-style apartment buildings containing 164 one-, two- and three-bedroom apartments. The homes will be affordable to families earning between 40% and 70% of the area median income. Due to its nonprofit sponsor, Broadstone Walk is exempt from local real estate taxes, and it received additional financing from Wake County and the Town of Apex.