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Three Texas Rental Communities Included in Bellwether’s $150M Line of Credit
Bellwether Enterprise Real Estate Capital (BWE) has secured a $150 million Freddie Mac Transitional Line of Credit (TLC) originated for Envolve Communities, LLC. The credit facility, which is Freddie Mac’s first specifically for Targeted Affordable Housing, was seeded with four affordable housing communities located in Houston, TX, Bartlesville, OK, Duncanville, TX, and Round Rock, TX.
The terms of the TLC include 5-year adjustable-rate loan terms with two 12-month extension options and full-term interest only periods. “The TLC for Envolve Communities will provide a flexible capital solution on existing affordable assets as the company prepares the same assets for rehabilitation or future LIHTC re-syndications,” said BWE’s Jon Killough.
The projects have various thresholds for rent and income restrictions. The three Texas projects are Aspen Park in Houston, Center Ridge in Duncanville and Red Hills Villas in Round Rock.
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