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Bellwether Arranges $24.9M Refinancing for Three Affordable Communities in Tennessee, Maryland

NASHVILLE, Tenn., and BALTIMORE and PIKESVILLE, Md. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged three loan deals totaling nearly $25 million to refinance and preserve three affordable senior living communities in Nashville, Baltimore and Pikesville.

Jon Killough and John Roberts originated the Nashville deal and Victor Agusta originated the Maryland loans.

Bellwether arranged a $21 million bridge loan for Nashville Christian Towers. The loan will allow Envolve Communities to acquire and finance the 175-unit affordable seniors housing development. Envolve plans to redevelop the property utilizing proceeds from a 4 perecent Low-Income Housing Tax Credits (LIHTC) execution coupled with tax-exempt bonds, and the bridge loan will help position the property for renovation and the planned LIHTC execution.

The financing was a loan participation between Bellwether and Enterprise Community Loan Fund, an affiliate of Enterprise Community Partners. The bridge loan has a 12-month term with an available 12-month extension, with interest-only payments during the term of the loan.

Bellwether arranged a $1.7 million HUD loan for St. Charles House in Pikesville. The borrower was Catholic Charities of Baltimore, which sought to refinance and preserve the 24-unit, Section 202 seniors housing community. All units will be affordable to seniors earning up to 50 percent of area median income (AMI). In addition to providing financing to make necessary capital improvements to the property, the HAP contracts will also be renewed for 20 years. The loan includes a 35-year term with a 35-year amortization.

In the last transaction, Bellwether arranged a $3.1 million HUD loan for Coursey Station in Baltimore. Catholic Charities of Baltimore sought to refinance and preserve the 49-unit, Section 202 seniors housing complex. The apartments will be affordable to seniors earning up to 50 percent AMI. The refinancing helped provide for capital improvements and allowed for the extension of the HAP contracts for an additional 20 years. The loan includes a 35-year term with a 35-year amortization.

The post Bellwether Arranges $24.9M Refinancing for Three Affordable Communities in Tennessee, Maryland appeared first on Seniors Housing Business.

Source: Senior Housing Business

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