Bellwether Enterprise Secures $50M in Financing for Affordable Housing
Bellwether Enterprise Real Estate Capital LLC closed $49.3 million in acquisition financing for two affordable multifamily properties in Austin. The two apartments, Northwest Hills and The Place at Terracinia, will add approximately 250 units to the city’s affordable housing stock. Both Fannie Mae Special Purpose loans were arranged by Bellwether’s Kevin Bowen.
The Housing Authority of the City of Austin, the Community Development Trust and the Austin Housing Conservancy acquired the following portfolio.
The 314-unit Northwest Hills, 3600 Greystone Dr., sold by CWS Capital.
The 170-unit Place at Terracina, 8100 N. Mopac, sold by MC companies.
The new owners will set aside 51% of the units for residents earning 80% or less of the Area Median Income.
Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.
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