Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of two loan deals totaling $23,600,000 to finance an affordable transit-oriented housing development in Minneapolis, MN and fully furnished short-term rental community in Nashville, TN.
Lucas Goring, Senior Vice President in BWE’s Minneapolis office, originated the Minneapolis deal and Ryan Morris, Associate Vice President in BWE’s Chicago office, originated the Nashville deal.
“From affordable multifamily housing to short-term rentals, these deals represent BWE’s broad range of expertise and commitment to supporting our clients’ unique financing needs,” said Goring. “Our teams will continue to work with our partners in markets across the country to bring financing to housing developments of every stripe.”
The two deals are:
- Southsider (3029 22nd Ave S, Minneapolis, MN), a $17,600,000 bank loan originated on behalf of the borrower, L&H Partners Owner, LLC, to finance the 123-unit affordably multifamily property. Having received transit-oriented development grants, Southsider is 100% affordable to families making 80% of the area median income. The loan has a five-year term with the first 18 months interest-only, with no prepayment penalty after the first 12 months if the property is refinanced with an agency. A second phase of the property, B-Side, is currently in lease-up. Once B-Side has stabilized, there are plans to refinance Southside and B-Side into a single loan.
- The Robertson (6511 Robertson Ave, Nashville, TN), a $6,000,000 bridge loan originated on behalf of the borrower, Oldtown Capital Partners. The Robertson is a newly constructed 14-unit, fully furnished, turn-key short-term rental community. Due to there being multiple sellers and a complex organizational structure, Oldtown Capital needed an acquisition bridge loan to close quickly on the property and provide the take-out short-term rental lender ample time for underwriting and closing. Additionally, the bridge loan will provide the Oldtown Capital time to renew all short-term rental licenses for the property.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/