LEDIC Realty Co. has closed a loan to buy and renovate Willow View Townhomes, an affordable multifamily housing community in Staunton, Va.

Willow View Townhomes features 110 residences plus a range of community facilities designed for families, including bike racks, three playgrounds, laundry facilities, and landscaped grounds.
Willow View Townhomes features 110 residences plus a range of community facilities designed for families, including bike racks, three playgrounds, laundry facilities, and landscaped grounds.

Located between Shenandoah National Park and the George Washington and Jefferson National Forests, the development features 18 two-story townhomes and one-story garden-style residential buildings. Its 110 residences comprise 54 two-bedroom, 48 three-bedroom, and eight four-bedroom units.

The property’s 119,064 rentable square footage also includes a one-story community building built in 1981 and renovated in 2002.

Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment provided a $10.1 million for the deal. Jon Killough, senior vice president in the company’s Alabama office, arranged the loan.

The financing plan included short-term tax-exempt bonds (cash collateralized) underwritten by Stifel, Nicolaus & Co, and 4% low-income housing tax credits (LIHTCs) purchased by Boston Capital. The tax-exempt bonds were issued by the Staunton Redevelopment and Housing Authority, and the LIHTCs were allocated through the Virginia Housing Development Authority. The rehabilitation of the property will be performed by Empire Construction of Knoxville, Tenn.

This deal marks the seventh closed loan that Bellwether has financed for LEDIC Realty.