Bellwether Enterprise Real Estate Capital LLC (BWE), a national, commercial and multifamily mortgage banking company, announced Tuesday closing a U.S. Department of Housing and Urban Development 221(d)(4) loan of $74,999,900.
According to a press release, the loan will be used to construct the 329-unit Legado Apartments, a multifamily property in downtown Prescott Valley, Arizona.
The loan was originated by BWE’s Phoenix office executive vice president Jim Swanson, from HUD’s 221(d)(4) Mortgage Insurance Program. It is on behalf of Fain Signature Group, the developer of the project that will add new rental housing in Prescott Valley. The group has been working in the area since 1874.
The “non-recourse, fully assumable” loan from HUD will have a fully amortizing loan term of 40 years, per the release.
“Despite some recent apartment growth, Prescott Valley is still one of the most under-served communities in Arizona,” Swanson said in the release. “The new community, located in the heart of Prescott Valley’s Town Center, will contribute to the economic and employment growth of the region as a whole.”
The release states the multifamily mid-rise housing property will provide one to three-bedroom apartments and electric vehicle charging stations. Tenants will also get amenities like parking, elevators, appliances, washers and dryers, patio and balcony storage spaces.
Shared amenities will include a clubhouse with Wi-Fi, poolside cabanas, a spa, a gym, a picnic area with barbeque, and other areas with dog run trails and a dog washing station.
The property is expected to get an Energy Star certification for energy efficiency on its completion, the statement adds.
As the project is a part of Entertainment District’s mixed-use residential and commercial development project in the Prescott Valley, it will also have a public rooftop restaurant. More restaurants, cafes and retail stores will occupy the first and sixth floors.
Earlier in August, BWE closed three loans worth $86 million. It aims to use the funds to renovate four oceanfront retail properties and finance apartments and townhomes in New Jersey and Pennsylvania.
In other recent proptech news, fiber broadband internet and managed Wi-Fi provider in multifamily communities, Haywire, will provide its technology to Purdue University’s Discovery Park and other multifamily residential areas. Blackstone’s Home Partners of America will also halt its buying of single-family homes in 38 regional markets in the U.S.