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Bellwether Enterprise Closes More than $35 Million in Loan Deals for Affordable Housing in Maryland, Indiana, and Tennessee


Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), announced today the closing of three loans totaling $35,328,800 for affordable multifamily housing in Baltimore, MD, Indianapolis, IN and Kingsport, TN.

Victor Agusta, executive vice president in Bellwether Enterprise’s Raleigh, NC office, originated the loans on behalf of Catholic Charities of Baltimore, Flaherty & Collins in Indianapolis and Pennrose Properties in Kingsport, respectively.

“As costs of living continue to rise, it is essential to preserve existing affordable homes, and particularly those that serve vulnerable populations like seniors and the lowest income families,” said Agusta. “These deals represent the best of Bellwether Enterprise: we help our borrowers navigate complex transactions and take advantage of every resource available to create positive and lasting impact in communities across the country.”

The properties are:

  • DePaul House and Joachim House (Baltimore, MD): Bellwether Enterprise provided a $11,428,800 Federal Housing Administration (FHA) -insured loan to enable Catholic Charities of Baltimore to refinance these two adjacent affordable housing developments for seniors and invest $7 million in capital improvements. The two properties, located at 3300 and 3320 Benson Avenue in Baltimore, MD, contain 199 units, of which 192 are one-bedroom units and seven are two-bedroom units. As part of the transaction, DePaul House renewed its Section 8 contract, and Joachim House received a new Section 8 Housing Assistance Payments (HAP) contract through the recently established Rental Assistance Demonstration (RAD) notice for the Project Rental Assistance Contract (PRAC) program, which allows Section 202 properties to be converted to Section 8 to maintain affordability and nonprofit ownership over the long-term.

  • Amber Woods II (Indianapolis, ID): Bellwether Enterprise provided a $9,600,000 Freddie Mac Tax-Exempt Loan (TEL) to enable Flaherty & Collins to improve and preserve the affordability of 200 apartments in partnership with Pathway Resource Center, a local nonprofit. Amber Woods II, located at 10202 John Jay Drive in Indianapolis, IN, contains one-, two-, and three-bedroom units reserved for very low-income households. Rents are subsidized through a Section 8 HAP contract that was renewed for 20 years as part of the transaction. Pathway Resource Center provides services to residents with a focus on workforce development and programs for children.

  • Kingsport RAD Portfolio (Kingsport, TN): Bellwether Enterprise provided a $14,300,000 Fannie Mae Tax-Exempt Bond Collateral (MTEB) loan to finance the preservation of a portfolio of affordable housing properties for the Kingsport Housing Development Authority and Pennrose Properties, a prominent affordable housing developer. The Kingsport RAD (Rental Assistance Demonstration) Portfolio contains 381 affordable units, ranging from one- to five-bedroom units reserved for very low-income households. Through the RAD process, a new Section 8 Housing Assistance Payments (HAP) contract was obtained for 173 units, while 193 units are supported through a long-term project-based voucher contract. Renovation work throughout the portfolio was funded with 4% Low-Income Housing Tax Credits (LIHTC) tax exempt bonds, and secondary debt from local sources.

Bellwether Enterprise provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on Bellwether Enterprise’s services, visit us at:

Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company. As a subsidiary of Enterprise Community Investment, Bellwether Enterprise has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. Bellwether Enterprise provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.


Baltimore Business Journal

Affordable Housing Finance

Senior Housing News

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