Bellwether Enterprise closes on $8.15 million loan for Richmond apartments
- November 2, 2015
Bellwether Enterprise Real Estate Capital LLC recently originated an $8.1 million commercial mortgage-backed securities loan for the financing of Scott’s Edge Apartments in the Scott's Addition area in Richmond. KGS-Alpha Real Estate Capital Markets LLC served as the lender for the deal.
The loan provides 10-year, fixed-rate financing with a three-year interest period followed by a 30-year amortization schedule. It represents the refinance of the existing senior construction loan.
Bellwether Enterprise, a Cleveland-based national, commercial and multifamily mortgage banking company, said it structured new permanent financing around a historic tax credit structure. The loan was closed in less than 40 days from application during the property’s first month of stabilized occupancy.
Scott’s Edge, located at 3408 Moore St., is an adaptive reuse, multifamily project consisting of 94 luxury apartment units in three historic warehouse buildings. It’s located on the former site of the Seaboard Bag Corp., a factory that produced burlap and paper feed and seed bags that later became Morgan Brother’s Bag Company.
The project was completed in October 2014, and is fully occupied, according to Bellwether. Amenities include an 8,000-square-foot outdoor courtyard with a pool, bar area, grilling station and outdoor television.