PHOENIX–(BUSINESS WIRE)–Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage company, today announced the closing of a $74,999,900 U.S. Department of Housing and Urban Development 221(d)(4) loan for the construction of Legado Apartments, a multi-family property located in downtown Prescott Valley, AZ.
Jim Swanson, executive vice president of BWE’s Phoenix office, originated the loan through HUD’s 221(d)(4) mortgage insurance program on behalf of the developer, Fain Signature Group. Fain Signature Group has worked in Prescott Valley since 1874.
“BWE is proud to have worked with Fain Signature Group to bring much needed additional rental housing to the community,” Swanson said. “Despite recent apartment growth, Prescott Valley is still one of the most underserved communities in Arizona. The new community, located in the heart of downtown Prescott Valley, will contribute to the economic and employment growth of the region as a whole.
Legado Apartments is a 329-unit luxury multi-family apartment building consisting of one-, two-, and three-bedroom units. Unit amenities include Energy Star appliances, washer/dryers, patio/balcony storage, and panoramic views. The gated community offers electric vehicle charging stations, elevators to all apartment floors, and a parking garage. Communal facilities include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, picnic area with BBQ and recreation areas with a barbecue. dog park and a dog wash station. The property will be built to high energy efficiency standards and will earn Energy Star certification upon completion.
As part of the mixed-use residential and commercial development project located in the Prescott Valley Entertainment District, the property will also have a rooftop restaurant open to the public and a variety of restaurants, including cafes and retail on the first floors. and sixth floors of the property. When completed, Legado Apartments will be the region’s first rental community.
The non-recourse and fully assumable loan has a fully amortizing 40-year loan term. Financing provided by HUD provides a combined construction and permanent loan for multi-family projects at market rates, such as Legado Apartments. For more information on FHA-insured multifamily housing and health care products, visit https://www.bwe.com/fha.
BWE offers flexible financing solutions for clients spanning the full spectrum of commercial and multi-family real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.
BWE is a national, full-service, multi-family commercial mortgage banking company. In partnership with Enterprise Community Partners, Inc., BWE has production offices nationwide and an integrated service platform based in Cleveland. Through our local market expertise, national lending relationships and experience in structuring financing, we offer our clients competitive and creative solutions for their financing needs. BWE provides loans to 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®), Freddie Mac Optigo™ Vendor/Repairer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) Approved Multifamily Accelerated Processing (MAP) Lender and U.S. Department of Agriculture Section 538 Rural Development Lender States (USDA).