Bellwether Enterprise Real Estate Capital announced the closing of over $34 million in loans for New York affordable housing properties located in the Bronx, East Harlem, and Riverhead, a town in Suffolk County on Long Island.

Fordham Bedford Housing Corp. is developing the 114-unit Bronxview at Serviam in the Bronx.
Fordham Bedford Housing Corp. is developing the 114-unit Bronxview at Serviam in the Bronx.

The deals include:

· Bronxview at Serviam received an $11.7 million forward loan commitment for the construction of a mixed-income apartment building located in the Bronx. The building will feature 114 units, with a mix of one-, two-, and three-bedroom units, on a 1.1-acre parcel, which is part of a larger 7-acre campus in the Bedford Park neighborhood. Equity for the approximately $61.3 million project is provided through the purchase of 9% low-income housing tax credits awarded by the New York City Department of Housing Preservation and Development (HPD) and syndicated by Enterprise Community Investment, a subsidiary of nonprofit Enterprise Community Partners. The property will feature 12 units at 30% of the area median income (AMI), which will be one-bedroom units reserved for formerly homeless individuals at the NYC HPD “Shelter Rent.” There will also be 12 units at 50% of the AMI; 33 units at 60% of AMI; 34 units at 80% of the AMI; 22 units at 90% of the AMI; and one superintendent’s unit.

Jim Gillespie, senior vice president of Bellwether Enterprise’s New York office, arranged the loan for the Fordham Bedford Housing Corp., using Freddie Mac as the lender. The loan features a 36-month forward period followed by a 30-year permanent mortgage and a competitive fixed rate locked at the time of the construction loan closing.

· John Wesley Village Apartments received a $12 million refinancing loan for an affordable senior housing property in Riverhead. The property features 115 units, and the loan will be used to acquire the asset and prepay existing debt, with excess funds available for interior and exterior upgrades. The owner is Jim Moore, CEO of John Wesley Village, LLC.

Gillespie also arranged this loan, a Federal Housing Administration/Department of Housing and Urban Development (HUD) Sec. 223(f) refinancing loan. In addition to the refinancing, this project-based Sec. 8 HAP contract was extended by HUD for another 20 years. The Riverhead Industrial Development Agency also provided tax relief in the form of a payment-in-lieu-of-taxes agreement.

· East Harlem Portfolio received an $11.1 million loan for four properties featuring 111 units. The loan will be used for renovations of the properties, including new operating systems, unit interior upgrades, and common area improvements. Mutual Housing Association of New York is the borrower.

Gillespie arranged a Fannie Mae Green Rewards loan. The financing features a 12-year loan term, with five years interest only, at a competitive fixed rate.

“As a resident of New York City with one of the nation’s most significant affordable housing shortages, it’s meaningful to me both personally and professionally to be able to leverage my 20 years of experience working with key players in the public sector and private financial institutions to help structure transactions that will both preserve existing housing and develop new affordable housing.” Gillespie said.

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.