In the nearly four months since its launch, Bellwether Enterprise Real Estate Capital LLC, Cleveland, has originated $421 million in commercial real estate loans, with approximately half coming being secured by multifamily properties.
The business was created earlier this year when
So far, said Ned Huffman, president of Bellwether Enterprise, the new company “is on track to reach $1.4 billion in mortgage production volume for the 2012 calendar year. The success of this transaction demonstrates our commitment to provide the most comprehensive financing solutions for our customers across all multifamily and commercial property types.”
Recently, the company originated its largest loan, totaling $75 million. It was provided to an Ohio-based developer for the acquisition of five garden-style apartment properties in Texas and two properties in Ohio. It was originated in Bellwether Enterprise’s Cincinnati office and was closed and securitized using a Freddie Mac Capital Markets execution.
Enterprise Community Investment’s background is in affordable housing finance, and Lamar Seats, CEO of Bellwether Enterprise, stated the company “will continue to focus on financing affordable and moderate-income rental housing,” on top of its activities in the commercial real estate market.
Besides the $211 million secured by multifamily rental properties, the company has lent $114 million on retail properties, $58 million on hospitality properties, $22 million for health care properties, $12 million secured by office properties and $4 million on industrial properties.
