Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, arranged $41.5 million in joint venture equity financing on behalf of John M. Corcoran and Co. for the $199 million acquisition of Windsor Garden apartments in Norwood, Massachusetts.
The deal is the first equity financing of Bellwether Enterprise’s New Orleans-based Equity Products Division since its formation in November 2016.
Todd Johnson, director of the Equity Products Division, arranged and structured the joint venture equity, which was provided by a New York City-based real estate investment fund.
Located in the Greater Boston area, Windsor Garden Apartments is a 914-unit apartment community with 31 three-story, garden-style apartment buildings; 36 two-story townhouses; and six accessory buildings including a clubhouse and daycare.
The community also features an on-site commuter rail station. “Windsor Gardens is a valuable apartment community that provides great amenities and homes for residents of the Metro Boston area, and we’re proud to have it in our portfolio,” said Rick High, president of John M. Corcoran and Co.
“Todd’s and Bellwether Enterprise’s knowledge of the equity capital markets and strong relationships were pivotal to finding the right equity partner and completing the acquisition.”