Bellwether Enterprise Real Estate Capital, the mortgage banking subsidiary of Enterprise Community Investment, has closed over $34 million in loans for three affordable housing properties.
At Bronxview at Serviam in the Bronx (pictured top) an $11.7 million forward loan commitment was made for the construction of a mixed-income apartment building with 114-units on a 1.1-acre parcel, which is part of a larger 7-acre campus in the Bedford Park neighborhood.
Equity for the the project is provided through the purchase of one percent Low-Income Housing Tax Credits (LIHTCs) syndicated by Enterprise Community Investment.
Jim Gillespie arranged the loan for the Fordham Bedford Housing Corporation using Freddie Mac as the lender. The loan features a 36-month forward period followed by a 30 year permanent mortgage, and a competitive fixed rate locked at the time of the construction loan closing.
Gillespie also arranged a $12 million refinancing at John Wesley Village Apartments, an affordable senior housing property in Riverhead on Long Island.
In addition to the refinancing, this project-based Section 8 HAP contract was extended by the US Department of Housing & Urban Development for another 20 years. The Riverhead Industrial Development Agency also provided tax relief in the form of a PILOT agreement.
In East Harlem, Gillespie arranged an $11.1 million loan for four properties featuring 111 units. The loan will be used for renovations.
Gillespie arranged the Fannie Mae Green Rewards loan with a 12 year term, with five years interest only, at a fixed rate.