Bellwether Enterprise Real Estate Capital Secures $12M to Refi, Preserve Affordable Housing in Maryland
Bellwether Enterprise Real Estate Capital, LLC, a commercial and multifamily mortgage banking company, has closed on loan deals totaling $11.6 million to refinance and preserve three affordable housing complexes in MD.
Victor Agusta with Bellwether Enterprise Real Estate Capital, LLC originated the loans:
*515 Thayer (Silver Spring), a $6,772,000 Freddie Mac tax-exempt loan originated on behalf of Montgomery Housing Partnership to finance the renovation and preservation of a 55-unit affordable housing complex. The community includes 48 apartments affordable to families earning up 50% and 60% AMI, as well as seven market-rate units. Enterprise Community Partners provided $5.3 million of LIHTC equity to the project, which also received funding from the State of Maryland and Montgomery County. The complex will benefit from a new payment-in-lieu-of-taxes agreement with the State, and five units will have project-based HAP contracts. The loan includes a 17-year term with a 40-year amortization.
*St. Charles House (Pikesville), a $1,739,000 FHA 223(f) loan originated on behalf of Catholic Charities of Baltimore to refinance and preserve a 24-unit, Section 202 senior housing community. All units will be affordable to seniors earning up to 50% AMI. In addition to providing financing to make necessary capital improvements to the property, the HAP contracts will also be renewed for 20 years. The loan includes a 35-year term with a 35-year amortization.
*Coursey Station (Lansdowne), a $3,126,000 FHA 223(f) loan originated on behalf of Catholic Charities of Baltimore to refinance and preserve a 49-unit, Section 202 senior housing complex. The apartments will be affordable to seniors earning up to 50% AMI. The refinancing helped provide for capital improvements and allowed for the extension of the HAP contracts for an additional 20 years. The loan includes a 35-year term with a 35-year amortization.