Bellwether Secures $67M for 2 Properties

By D.C. Stribling, Contributing Editor

Bellwether Enterprise, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has facilitated more than $67 million of debt and equity for two multifamily properties, one in South Carolina and the other in North Carolina.

Brookson

Brookson Resident Flats

For Brookson Resident Flats, $16 million in joint venture equity and a $31.75 million New York Life acquisition loan were used by a private investor to acquire the multifamily property, which is on 22.8 acres in Huntersville, N.C. It was developed by Birmingham, Ala.-based LIV Development.

Completed in 2017, the three-story apartment community features eight buildings with 296 one-, two-and three-bedroom units. Located 15 miles from Charlotte, the community features such amenities including a swimming pool, an athletic club, bike sharing, high-speed Internet, and garages.

Summer Chase Apartments

For Summer Chase Apartments, $3.6 million in joint venture equity and a $12.8 million Fannie Mae acquisition loan were used by a private investor to acquire the multifamily property, which is in North Myrtle Beach, S.C.

Built in 2001, the gated, garden-style community includes 168 apartment units and is near Highway 17 Business. Common amenities include video surveillance, a clubhouse with Wi-Fi, a swimming pool, a 24-hour fitness center, laundry facilities, a playground and a grilling area.

The deals were all closed with the assistance of Bellwether Enterprise’s newly formed Equity Products Division. For Brookson, Executive Vice President Cooper Willis and Director of Equity Products Todd Johnson arranged the debt and equity financing, respectively. For Summer Chase, Senior Vice President Ridge Stafford, along with Johnson, arranged the debt and equity financing, respectively.