Bellwether Obtains $23.6M for two Communities
Southsider and The Roberston mark Bellwether Enterprise's sixth and seventh closings this year.
Bellwether Enterprise Real Estate Capital LLC has closed on two separate loan deals for the financing of Southsider and The Robertson, two affordable and short-term housing developments located in Minneapolis and Nashville, respectively. The loans total $23.6 million.
Southsider was built in 2018, located at 3029 22nd Ave. in Minneapolis and is subject to a $17.6 million loan, borrowed by L&H Partners. The affordable, transit-oriented community hosts 123 units totaling 79,530 square feet of space, according to CommercialEdge data. The loan procured by BWE is for five years, only charging interest for the first 18 months. The community is fully affordable for those making 80 percent of the area median income.
The Robertson is a 14-unit turnkey short term rental development, located at 6511 Robertson Ave. in Nashville. The development is subject to a $6 million bridge loan, procured on behalf of borrower Oldtown Capital Partners. The community is fully furnished, with the bridge loan giving Oldtown time to renew all existing rental licenses.
Both communities are situated within 5 miles of their respective downtown areas, offering ample employment, retail and entertainment opportunities.
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The negotiation of the loan follows BWE’s recent closing on five loans for the financing of nine senior housing communities across the U.S., totaling $151 million, as well as its procurement of $31.5 million for LDG Development’s purchase of Lone Oak Meadows, an affordable housing development in South Louisville, Ky.