MILLCREEK, UTAH — Bellwether Enterprise Real Estate Capital has secured a $12 million conversion loan for Artesian Springs Phase III in Millcreek. Located at 36 E. Columbia Ave., the property features 120 units, of the larger property’s 134 total units, with long-term rent restrictions at 50 percent and 60 percent of area median income per a Land Use Restrictive Agreement with Utah Housing.
Doug Taylor and Cindy Hannon of Bellwether Enterprise arranged the loan for the borrowers, David Bevan and David Peterson. The company provided a 24-month forward conversion using Chase Bank as the construction lender. Originally a Freddie Mac forward Tax-Exempt Loan closed in 2016, the forward loan converted to the Freddie Mac permanent loan prior to the forward commitment expiration date.
Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.