CLEVELAND, Sept. 27, 2012 /PRNewswire/ --?Bellwether Enterprise Real Estate Capital, LLC (Bellwether Enterprise), the multifamily and commercial banking subsidiary of Enterprise Community Investment, Inc. (Enterprise), today announced it has provided more than $421 million in financing since launching on May 31, 2012. The breakdown by property type is as follows:
- Multifamily rental housing:????? $211 million
- Retail:???????????????????????????????? ??$114 million
- Hospitality:???????????????????????????? ?$58 million
- Healthcare:???????????????????????????? $22 million
- Office:??????????????????????????????????? $12 million
- Industrial:????????????????????????????? ?? $4 million
"As Enterprise celebrates 30 years of innovation and leadership, we are pleased to announce strong results since Bellwether Enterprise's first day as a new organization," said Lamar Seats, CEO of Bellwether Enterprise. "Bellwether Enterprise, in addition to its commercial mortgage banking platform, will continue to focus on financing affordable and moderate income rental housing."
The most recent loan totaled approximately $75 million and was provided to a Cincinnati-based owner/operator for the refinancing of five garden style apartment properties in Texas and two garden style properties in Ohio. It was originated in Bellwether Enterprise's Cincinnati office and was closed and securitized using a Freddie Mac Capital Markets execution.
"Bellwether Enterprise is on track to reach $1.4 billion in mortgage production volume for the 2012 calendar year," said Ned Huffman, president of Bellwether Enterprise. "The success of this transaction demonstrates our commitment to provide the most comprehensive financing solutions for our customers across all multifamily and commercial property types."
In May, Enterprise's Multifamily Mortgage Finance division merged with Bellwether Real Estate Capital to expand its collective geographic reach, and multifamily and commercial banking product offerings for borrowers across the country.
For a full list of Bellwether Enterprise services, go to www.BellwetherEnterprise.com/products.
SOURCE Enterprise Community Investment, Inc.
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