Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $74,999,900 US Department of Housing and Urban Development 221(d)(4) loan for the construction of Legado Apartments, a multifamily property located in downtown Prescott Valley, AZ.
Jim Swanson, Executive Vice President in BWE’s Phoenix office, originated the loan through HUD’s 221(d)(4) Mortgage Insurance Program on behalf of the developer, Fain Signature Group. Fain Signature Group has been working in Prescott Valley since 1874.
“BWE is proud to have worked with Fain Signature Group to bring much-needed additional rental housing to the community,” said Swanson. “Despite some recent apartment growth, Prescott Valley is still one of the most under-served communities in Arizona. The new community, located in the heart of Prescott Valley’s Town Center, will contribute to the economic and employment growth of the region as a whole.”
Legado Apartments is a 329-unit luxury multifamily, mid-rise apartment property consisting of one-, two- and three-bedroom units. Unit amenities include Energy Star appliances, washer/dryers, patio/balcony storage and scenic views. The gated community offers electric vehicle charging stations, elevators serving all apartment floors and a parking garage. Common area amenities include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, a picnic area with BBQ and recreation areas with a dog run and dog washing station. The property will be built to a high standard of energy efficiency and obtain an Energy Star certification at the end of construction.
As part of the mixed-use residential and commercial development project located in the Prescott Valley Entertainment District, the property will also have a rooftop restaurant open to the public and a variety of restaurants, including cafes, and retail on the first and sixth floors of the property. Upon completion, Legado Apartments will be the premier rental community in the region.
The non-recourse, fully assumable loan features a 40-year, fully amortizing loan term. The HUD-insured financing provides a combined construction and permanent loan for market rate multifamily projects, such as Legado Apartments. For more information on FHA Insured Multifamily Housing and Healthcare products visit https://www.bwe.com/fha.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.
BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. BWE provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.