EPIC Cos. has received a $15.1 million loan to refinance Arbor Courts, a 150-unit workforce housing community in Fargo, N.D. Working on behalf of the borrower, Bellwether Enterprise Real Estate Capital originated the Federal Housing Administration financing.
Located at 3900 56th St. S, 5440 38th Ave. S, 5410 38th Ave. S and 3915 54th St. S, Arbor Courts consists of four three-story buildings developed between 2015 and 2016. The unit mix features one- to three-bedroom apartments, rents ranging from $800 to $1,200. All apartments have granite countertops, hardwood floors, stainless steel appliances and balcony/patio space. Zerr Berg Architects designed the Energy Star-certified community.
The 9.5-acre property is some 8 miles southwest of downtown Fargo near Osgood Golf Course, having three schools within a 1-mile radius. Family Wellness Center is less than 2 miles north.
Bellwether Enterprise’s Senior Vice President Mike Polencheck and Executive Vice President Jon Killough arranged the financing. The deal closed a few days after the mortgage banking company provided Urban Ministry Center with a $31.6 million Fannie Mae loan for the acquisition of a 341-unit community in Charlotte, N.C.