$80M in Loans Closed on Affordable Housing

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Cedar Ridge Partments

Bellwether Enterprise Real Estate Capital LLC closed three loans, totaling $79.9 million, on three affordable housing complexes in Austin and Port Arthur, TX. Bellwether’s Kevin Bowen arranged the following three deals:

  • Acquisition financing for the 452-unit Bridge at Asher Apartments, 10505 S. Interstate 35, in Austin. Fifty-one percent of the apartments are reserved for tenants earning 80% or less of the area median income (AMI). Community Development Trust, Housing Authority of the City of Austin and the Austin Affordable Housing Corp. are the sponsors.
  • A forward perm take-out for Travis Flats, a mixed-use development consisting of 146 mixed-income apartments and 90,000 square feet of office at 5325 Airport Blvd. DMA Development Co. and Travis County Housing Finance Corp. are developing the multifamily component.
  • Refinancing of the senior housing 202-unit Crystal Creek Apartments at 8101 Honeywood Trail, Port Arthur, TX. Approximately 80% of the units are designated for seniors whose incomes are at or below 60% AMI. ITEX Group is the sponsor.

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