Norwood, MA Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has arranged $41.5 million in joint venture equity financing on behalf of John M. Corcoran and Co. for the $199 million acquisition of Windsor Garden Apartments. The deal is the first equity financing of Bellwether Enterprise’s New Orleans-based equity products division since its formation in November 2016.
Todd Johnson, director of the equity products division, arranged and structured the joint venture equity, which was provided by a New York City-based real estate investment fund.
“We were honored to bring our expertise to the excellent team at John M. Corcoran and Co. to secure the equity they needed to acquire the Windsor property,” said Johnson. “Since I joined the Bellwether Enterprise team in November, we’ve expanded our focus on arranging institutional equity for owners, operators, and developers across the country—complementing our larger mission of providing strategic financing solutions that match our clients’ wide range of needs.”
Bellwether Enterprise currently has relationships with over 115 different equity providers, enabling them to provide both preferred and joint venture equity through its Equity Program. Transactions typically range from $3 - $100 million of equity per investment, with each investment lasting three to seven years. The program targets multiple types of properties, including apartments, office, industrial, retail, and student housing, and operates using a wide range of primarily institutional equity capital sources.
Located in the Greater Boston area, Windsor Garden Apartments is a 914-unit apartment community with 31 three-story, garden-style apartment buildings; 36 two-story townhouses and six accessory buildings including a clubhouse and daycare. The units range from one to three bedrooms and vary in size—the smallest 580 s/f and the largest 1,210 s/f. The community also features an on-site commuter rail station providing direct service to Boston’s Back Bay and South Station.
“Windsor Gardens is a valuable apartment community that provides great amenities and homes for residents of the Metro Boston area, and we’re proud to have it in our portfolio,” said Rick High, president of John M. Corcoran. “Todd’s and Bellwether Enterprise’s knowledge of the equity capital markets and strong relationships were pivotal to finding the right equity partner and completing the acquisition. Todd’s relentless pursuit to find the precise joint venture equity partner allowed John M. Corcoran and Co. to keep the deal on track and successfully close on the property.”
“Although recently established, the Equity Products Division is already positioned for long-term success,” said Ned Huffman, president of Bellwether Enterprise. “We now have 85 debt placement specialists with tremendous long-standing borrower relationships. Under Todd’s directive, Bellwether Enterprise is a full-service provider for the complete suite of capital needs.”
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.