Dealmaker: Bellwether Enterprise Closes $117M in Maryland, Florida
By Michael Tucker, MBA
Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed five loans totaling $116.9 million to finance two multifamily properties, one office portfolio and a mixed-use portfolio.
Bobby Werhane, Senior Vice President in BWE’s Charlotte, N.C. office, originated the loans for two investment firms and a construction company.
The financings included:
Two loans totaling $57.8 million for Kimaya Residential in Ocoee, Fla., an upcoming 232-unit build-to-rent townhouse community near Orlando. The property’s two-part financing included a $44.2 million non-recourse construction loan with a floating interest rate and a $13.6 million, 85 percent last-dollar exposure preferred equity construction loan. Borrower Park Square Homes, Orlando, received both loans.
A $43.7 million acquisition loan for Savannah Place Apartments in Gainesville, Fla., a two-property build-to-rent multifamily portfolio totaling 344 townhouse units. The first property, Fairmont Oaks, has 178 units at 316 SW 62nd Boulevard and the second property, Hampton Oaks, has 166 units at 124 SW 62nd Street. The non-recourse loan for sponsor Peacock Capital, Orlando, included a three-year floating interest and closed at an 83 percent loan-to-cost ratio.
A $9.3 million permanent placement loan to refinance the two-building Sabal Park portfolio in Tampa, Fla. The two two-story buildings, The Glass House and Skylight, encompass 39,750 square feet and 23,450 square feet at 3804 Coconut Palm Drive and 3812 Coconut Palm Drive, respectively. Borrower Sason, New York, received a 10-year non-recourse loan fixed at a sub-4 percent rate.
BWE also arranged a $6 million life company bridge loan for Sason to acquire the Union Box Company Portfolio in Baltimore, Md., a mixed-use multifamily-office building portfolio. The subject property at 1821 Thames Street has 33,360 square feet of commercial office space, 10 apartment units and one townhouse. The office building at 1820 Thames Street contains 2,200 square feet of commercial space occupied by a single tenant. The floating-rate loan closed at a 75 percent loan-to-cost ratio.
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Kimaya Residential. Rendering.