Lundat Kassa Of Bellwether Enterprise Secures $6.3M Loan For 54-Unit Development In Arcadia

The property involved is a development site located at 706 Main Street in Arcadia, IN. It is designed for affordable housing with a total of 54 units. The project includes plans for unit upgrades and new amenities, aiming to enhance the living conditions for tenants.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $6,300,000
• Loan Amount: $6,300,000
• Loan Type: Construction
• Loan Terms: 38-year term and 40-year amortization
• Lender: U.S. Department of Agriculture (USDA)
• Broker: Lundat Kassa - Bellwether Enterprise (BWE)
• Project Funding: 9% LIHTC funding from the Indiana Housing and Community Development Authority

The deal was arranged by brokers Lundat Kassa and Bob Morton, representing the financing efforts for the renovation of Hamilton Place. The project is significant for the affordable housing initiative within the community, supported by the USDA RHS 538 GRRHP loan secured by Bellwether Enterprise.