Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $40,000,000 direct bond purchase for the financing of Lone Oak Meadows, an upcoming affordable multifamily community located at 10001 Oak Bridge Road, South Louisville, KY.
Jim Gillespie, executive vice president in BWE’s New York, NY office, and Kevin Bowen, executive vice president, in the Dallas, TX office, originated the loan on behalf of the borrower.
“To BWE, investing in affordable multifamily communities is an important part of any city’s future,” said Gillespie. “With convenient access to downtown Louisville and desirable amenities, BWE is excited to see future tenants enjoy what will be a great place to live.”
The community will consist of 312 units across 13 three-story buildings, located 20 minutes south of downtown Louisville. All units are restricted to those making 30% and 60% of area median income. Lone Oak Meadows will offer a variety of floorplans, including 36 one-, 168 two- and 108 three-bedroom units. Additionally, the property will include an outdoor pool, playground, clubhouse and dog park.
The $31.5 million tax-exempt permanent placement loan includes a term of 18.5 years, a 40-year amortization and 8 years of interest-only financing, with a floating rate while Lone Oak Meadows is under construction. The property is also financed with $27,850,000 in tax credit equity from Enterprise Community Partners, as well as $1,500,000 in low-income housing tax credit equity provided by the Louisville Metro Affordable Housing Trust Fund.
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/.