The Irvine, CA office of mortgage banking company Bellwether Enterprise Real Estate Capital (BWE) has closed a $58 million loan to finance a luxury apartment community in Santa Barbara County, CA. The fixed-rate, 10-year, non-recourse loan was originated through a correspondent life insurance company.

“Given the volatility of interest rates, the borrower was thrilled that they were able to lock in their rate upfront, prior to signing and negotiating the loan application,” said BWE’s Tom Turnage who arranged the financing along with the firm’s Joe Galosic, Jr. “The lender’s competitive pricing and ability to meet the timing for payoff of a maturing construction loan were key drivers in selecting this life insurance company.”

Delivered in 2022, the garden-style apartment community offers top-of-the-line amenities that include a heated pool and spa, fitness center, EV charging stations, pet spa and playground. Units include smart home technology, quartz counters and stainless steel Samsung appliances.