Bellwether Arranges Loan on Brooklyn Affordable Project
Bellwether Enterprise Real Estate Capital’s Jim Gillespie and Ilya Weinstein originated a $5,672,000 loan in Brooklyn on behalf of the borrower, CB Emmanuel, and its nonprofit partner, Services for the UnderServed. The project, 461 Alabama Apartments, will be a 71-unit, 100% affordable apartment complex.
The Freddie Mac permanent loan includes a 36-month, 9% LIHTC unfunded forward commitment, with a 30-year term and 35-year amortization, at a fixed rate of 4.63%.
“Our team’s ability to close this transaction within 51 days from execution of the loan application is a testament to Bellwether Enterprise’s unwavering commitment to its clients,” said Gillespie. “461 Alabama will provide vital, high-quality affordable living options for the surrounding community.”
Forty-three apartments will be set aside for formerly homeless individuals. SUS will provide long-term onsite social services to the residents, who will also have access to a private rooftop garden.
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461 Alabama Apartments