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Belmont Development Co.
Rise Residential Construction
Rebuilding a Community
Bellwether Senior Vice President Jon Killough and Vice President John Roberts recently completed a $19 million Freddie Mac Forward Commitment loan with Belmont Development Company and Rise Residential Construction to build more than 200 affordable homes in Moore, Oklahoma. The residential community, named The Curve, will feature 240 residences, including 216 affordable and 24 market rate units. In addition to the 240 residences, The Curve will also feature 4,650 square feet of commercial/retail space, an open common area, business center, 24-hour fitness center with a swimming pool, a communal barbeque area and greenspace.
Prior to 2013, the 14-acre property, where construction broke ground on The Curve Jan. 24, was home to the Royal Park Mobile Home community. In May of that year, a devastating tornado hit the Moore community, destroying 1,150 homes, including 200 at Royal Park, and taking the lives of 24. In an effort to rebuild the community, the city of Moore purchased the property in 2015 and completed demolition, utility installation, and developed a masterplan for the project.
The total development cost for The Curve is $49.7 million. About $16 million is being provided by CDBG-DR – the largest project supported by the city’s disaster recovery funding. It will take about two years to complete. IBC Bank is providing a construction loan for the project up to $25 million.
The city also received significant financial support from the U.S. Department of Housing and Urban Development by way of Community Development Block Grant – Disaster Recovery (CDBG-DR) funds.
In addition to the city’s funding and the the Freddie Mac TEL, the project is also receiving roughly $12 million in Low-Income Housing Tax Credit (LIHTC) equity.