“While we originated this loan in our Pittsburgh office, we drew on our Columbus-based staff’s expertise of local market data and look forward to seeing the property benefit families in the Lancaster community for years to come.”
Pittsburgh, PA & Lancaster, OH (PRWEB) February 24, 2015
Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), today announced that it recently originated a $21 million loan out of its Pittsburgh office for the acquisition of Lancaster Midtown Apartments. The multifamily property, located in Lancaster, Ohio, is newly constructed, consists of 240 units, and represents the residential component of a new retail development area in Lancaster.
Bellwether Enterprise worked with Fannie Mae to maximize the loan proceeds for the acquisition of Lancaster Midtown Apartments, despite the property’s limited operational history. As a Special Fannie Mae Delegated Lender under the Fannie Mae Delegated Underwriting and Servicing (DUS) program, Bellwether Enterprise offers mortgage loans across the United States for the acquisition, refinancing and moderate rehabilitation of existing affordable and market‐rate multifamily housing.
“Lancaster Midtown Apartments will have the unique ability to draw residents from a large radius, as it is a best-in-class property located adjacent to a desirable retail area which, as of recently, includes a Giant Eagle grocery store,” said Peter Borstelmann, senior vice president of Bellwether Enterprise. “While we originated this loan in our Pittsburgh office, we drew on our Columbus-based staff’s expertise of local market data and look forward to seeing the property benefit families in the Lancaster community for years to come.”
Bellwether Enterprise provides flexible financing solutions for clients covering the entire spectrum of multifamily and commercial real estate. For more information on Bellwether Enterprise’s services, visit us at: http://www.BellwetherEnterprise.com.
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 direct Special Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Targeted Affordable Housing lender and Program Plus®Seller Servicer, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.