Bellwether Enterprise closes $40 million affordable housing loan in Louisville market
Bellwether Enterprise Real Estate Capital LLC closed a $40 million direct bond purchase for the financing of Lone Oak Meadows, an upcoming affordable multifamily community at 10001 Oak Bridge Road in South Louisville, Kentucky.
Jim Gillespie, executive vice president in BWE’s New York office, and Kevin Bowen, executive vice president in the Dallas office, originated the loan on behalf of the borrower.
The community will consist of 312 units across 13 three-story buildings, located 20 minutes south of downtown Louisville. All units are restricted to those making 30% and 60% of area median income. Lone Oak Meadows will offer a variety of floorplans, including 36 one-, 168 two- and 108 three-bedroom units. Additionally, the property will include an outdoor pool, playground, clubhouse and dog park.
The $31.5 million tax-exempt permanent placement loan includes a term of 18.5 years, a 40-year amortization and 8 years of interest-only financing, with a floating rate while Lone Oak Meadows is under construction. The property is also financed with $27.85 million in tax credit equity from Enterprise Community Partners, as well as $1.5 million in low-income housing tax credit equity provided by the Louisville Metro Affordable Housing Trust Fund.
Read the full Article on REjournals.com.