By Alex Lopez, Associate Editor
Irvine, Calif.—Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., announced the closing of Freddie Mac fixed rate loans totaling $98.8 million for the financing of three A&M assets.
Springdale Villa and Portofino Cove, two of the communities included, are located in Westminster and Anaheim, Calif. Both properties have a combined total of 477 units and maintain more than a 95 percent occupancy rate and perform well in their market.
The third asset is the Tustin Parc, a 246-unit multifamily property built in 1969 and located in Tustin, Calif. Bellwether Enterprise actually helped locate this community because it also aligned with A&M’s investment strategy for location, size, and quality. Bellwether then guided A&M through the acquisition process for Tustin Parc.
Doug Taylor and Jason Krupoff, both senior vice presidents at Bellwether Enterprise’s Irvine office, arranged the financing.
“I have had the pleasure of assisting A&M Properties with their real estate financing needs over the past 20 years,” said Taylor. “They are a long-term investor and operator of multifamily properties in Orange County with an investment plan that aligns well with the Freddie Mac and Enterprise Community Partners mission of supporting affordable and sustainable rental housing.”