Bellwether Enterprise Closes $42.1M Refinancing for Three Affordable Housing Properties in Charlotte

CHARLOTTE, N.C. — Bellwether Enterprise Real Estate Capital LLC has arranged $42.1 million in refinancing for three affordable housing properties in Charlotte. Victor Agusta of Bellwether Enterprise arranged the loans under the FHA 223(f) program on behalf of the borrower, Horizon Development Properties Inc. (HDP), an affiliate of the Charlotte Housing Authority. HDP received a $24.1 million loan for Southside Homes. The income-based housing development serves seniors, families and individuals with disabilities and includes 381 one- to four-bedroom units. The property is located in Charlotte’s South End neighborhood. HDP also received an $18 million loan for CHA Towers, which includes Edwin Tower in Uptown Charlotte’s Fourth Ward and Charlottetown Terrace in Charlotte’s Dilworth neighborhood. The newly redeveloped Charlottetown Terrace includes 161 units and is LEED Gold-certified. Both loans paid off existing debt and funded reserves for a portfolio of over 40 properties that were converting from a public housing subsidiary program through HUD’s Rental Assistance Demonstration (RAD) program.