Bellwether Secures $80M in Loans for Texas Housing
- Sep 13, 2019
Bellwether Enterprise has secured $80 million in loans for three affordable housing developments in Texas.
In the state’s capital, the buyer of Bridge at Asher Apartments, a 452-unit apartment community at 10505 S. Interstate Highway 35 in Austin, Texas, received a $56 million Freddie Mac loan arranged by Bellwether.
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According to Yardi Matrix data, the multifamily property includes one-, two- and three-bedroom units and 51 percent of them are being set at 80 percent AMI. The property, which is at 96.5 percent occupancy rate according to Yardi Matrix data, also includes amenities like two swimming pools, a fitness club, a game lounge and an outdoor fire pit.
Also in Austin, Bellwether arranged a $13.8 million loan for the construction of Travis Flats, a 146-unit mixed-use community at 5310 Helen St. The loan is a 30-month unfunded 9 percent Freddie Mac TAH Forward loan that will go towards building the development with more than 90,000 square feet of office space and studios to three-bedroom units, according to Yardi Matrix data. Also affordable, Travis Flats will have 60 units set at 60 percent AMI, 49 of them set at 50 percent AMI and 13 units at 30 percent AMI.
Further east, Bellwether secured a $10.2 million to refinance Crystal Creek Park Apartments, a 202-unit affordable senior housing development at 8101 Honeywood Trail in Port Arthur, Texas. The loan was a 10-year Freddie Mac Immediate Targeted Affordable Housing loan and will be used to help keep 80 percent of the units locked to seniors who make up to 60 percent AMI.
Kevin Bowen, a senior vice president at Bellwether Enterprise’s Dallas office, arranged the three loans. Ned Huffman, Bellwether’s president, said these three loans are part of the company’s efforts to preserve and expand affordable housing in Texas.