Bellwether Enterprise Arranges $10M for Affordable Virginia Asset
- Jul 02, 2019
LEDIC Realty Co. has landed $10.1 million in financing for Willow View Townhomes, an affordable housing community in Staunton, Va. Senior Vice President of Bellwether Enterprise’s Alabama office, Jon Killough, arranged the loan that LEDIC will use to purchase and renovate the 110-unit asset. Empire Construction is set to rehabilitate the property.
Located at 102 Baylor St. on 11.7 acres, Willow View is 33 miles northwest of Charlottesville, Va., between Shenandoah National Park and the George Washington and Jefferson National Forest. Local schools, restaurants, doctors’ offices, grocery and retail stores are close to the residential asset as well.
The property encompasses 18 two-story townhomes and one-story, garden-style residential buildings. Willow View features 54 two-, 48 three and eight four-bedroom apartments. Amenities include bike racks, three playgrounds, laundry facilities and landscaped grounds. The property’s community building was built in 1981 and renovated in 2002.
The financing plan includes short-term tax-exempt bonds underwritten by Stifel, Nicolaus & Co. and issued by the Staunton Redevelopment and Housing Authority, as well as 4 percent low-income housing tax credits purchased by Boston Capital and allocated through the Virginia Housing Development Authority. This is the seventh loan that Bellwether has closed for LEDIC Realty Co.
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