Bellwether Enterprise Closes Nearly $50 Million in Loans for Retail, Office, and Residential Space across the Southeast
Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), announced today the closing of five loans totaling $48 million for retail, office, and mixed-use residential properties in Louisiana, Tennessee, North Carolina, and South Carolina. The six properties are a mix of new construction and redevelopment work, a testament to Bellwether Enterprise’s ability to finance a diverse range of property types that meet local needs.
“Bellwether Enterprise’s strong presence across the Southeast allows us to execute deals across a wide range of property types and locations that deliver what our clients need,” said Ned Huffman, president of Bellwether Enterprise. “We are proud to have a hand in financing everything from a local Starbucks to a state-of-the-art medical facility, all of which play a role in building strong communities.”
The deals include:
• Ochsner Health Clinic (New Orleans, LA), a $21,000,000 permanent loan for a new medical clinic and office building located at 1532 Robert E. Lee Blvd. The three-story, 58,137-square-foot facility will house obstetrics, pediatrics, and internal medicine facilities as well as a full-service imaging center, lab, and retail pharmacy.
Matt Good, a senior vice president at Bellwether Enterprise based in the South Carolina office, arranged the loan on behalf of an undisclosed borrower. VOYA Investments served as the lender.
• University Center and The Shoppes at Hermitage Hills (Johnson City and Hermitage, TN), a $9,140,000 acquisition loan for a two-property retail portfolio. University Center in Johnson City is a 14,687-square-foot multi-tenant retail building home to Starbucks, First Watch, Verizon Wireless, and others. The Shoppes at Hermitage Hills in Hermitage, just outside of Nashville, is a 19,856-square-foot multi-tenant retail building featuring tenants Ingram Jewelers, Sunny Smiles Dentistry, Star Physical Therapy, and others.
Mr. Good arranged the loan on behalf of the borrower, Bond Street Advisors. Wells Fargo CMBS served as the lender.
• Tryon Medical Office (Charlotte, NC), an $8,400,173 permanent loan for a brand new 29,070-square-foot medical office building located at 16817 Marvin Road. The facility is leased to Tryon Medical Partners, a newly formed 88-physician medical group with seven offices in the area. The group signed a 15-year lease with one 10-year option.
Mr. Good arranged the loan on behalf of an undisclosed borrower, with Pinnacle Bank as the lender.
• Walgreens North Charleston (North Charleston, SC), a $3,725,000 permanent loan for a 14,550-square-foot Walgreens retail location at 7501 Rivers Avenue.
Mr. Good arranged the loan on behalf of the borrower, Larkin Investments, with Wells Fargo CMBS serving as the lender.
• Spencer’s Mill (Mt. Airy, NC), a $5,750,000 deal to redevelop an abandoned textile mill located in Downtown Mt. Airy at 329 Willow Street into 65 new apartments. The property will offer a variety of one, two, and three-bedroom units. It is the first phase of a larger master-planned development to include a redeveloped hotel and conference space as well as a 500-seat performing arts theater.
Marshall Waller, a vice president at Bellwether Enterprise in the South Carolina office, arranged the loan on behalf of the borrower, Belmont Sayre. First Carolina Bank was the lender.
Bellwether Enterprise provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on Bellwether Enterprise’s services, visit us at: 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 Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Multifamily Licensed Seller/ Servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.