Bellwether Enterprise Secures $19.75M Loan For Clinton Township, Michigan Multifamily Portfolio

An acquisition financing of $19.75 million has been secured by Bellwether Enterprise (BWE), a national mortgage banking company, for a 326-unit apartment portfolio located in Clinton Township, Michigan. The loan was facilitated by Adam Gould, senior vice president in BWE's Detroit office. The deal highlights BWE's commitment to addressing the housing affordability crisis and its ability to swiftly close deals even amidst economic challenges.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $19,750,000
• Units: 326
• Market: Clinton Township, Michigan

The acquisition financing for the multifamily property was a non-recourse bridge loan with a loan-to-cost ratio of 75% and three years of interest-only payments. Adam Gould from BWE's Detroit office played a crucial role in facilitating the financing, ensuring a quick deal closure despite economic challenges. The loan will support the acquisition of the 326-unit apartment portfolio and contribute to addressing the housing affordability crisis in the area.