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 a $37.5 million acquisition loan for James River at Stony Point, a newly constructed apartment community in Richmond, Virginia. The deal showcases Bellwether Enterprise’s flexibility in handling loans for an array of property types, including luxury multifamily developments.
“James River at Stony Point is a fantastic addition to the booming Richmond metro area market,” said Ned Huffman, president of Bellwether Enterprise. “Bellwether Enterprise is committed to serving local communities, and helping to finance this development gives us a hand in providing high-quality rental options to residents.”
Located at 9101 Stony Point Parkway, the new 280-unit multifamily community offers residents unrivaled amenities in a centrally located area of Richmond. With 109 one-bedroom units, 150 two-bedroom units, and 21 three-bedroom units, the development totals nearly 300,000 square feet of net rentable area. Amenities include a fully furnished community clubhouse with a heated saltwater pool and sundeck, outdoor grill and fire pit lounge, 24-hour fully equipped fitness center, dog park, and full-service business center. Individual units feature premium appliances, in-suite washers and dryers, spacious walk-in closets, and more. James River at Stony Point is situated near the picturesque James River Park System, as well as a vibrant restaurant and brewery scene in nearby Downtown Richmond.
Harry Giallourakis, senior vice president of Bellwether Enterprise based in the Cleveland headquarters, arranged the loan on behalf of the borrower, Heritage Income Property LLC, using Fannie Mae as the lender. The acquisition of the property was a 1031 tax change. The borrower utilized Bellwether Enterprise’s bridge loan, refinanced by a Fannie Mae 12-year interest-only loan, to close the purchase.
“We are proud to close this deal, capitalizing on our ability to offer our clients an array of flexible financing options and drawing on our institutional partners to serve clients’ unique needs,” said Giallourakis. “James River at Stony Point brings in-demand living options to an eager market, and will help stimulate even more growth in the Richmond area.”
About Bellwether Enterprise
Bellwether Enterprise provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate.
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.