Bellwether Enterprise Arranges $31.6M HUD Loan for Workforce Housing Construction in New Orleans
NEW ORLEANS — Bellwether Enterprise Real Estate Capital LLC has arranged a $31.6 million HUD 221(d)(4) loan for the construction of Village of Versailles, a 50-building, 400-unit affordable and workforce housing community in New Orleans. Prior to Hurricane Katrina in 2005, the site of the Village of Versailles housed two 200-unit, HUD-insured apartment developments. Set to open in late 2017, Village of Versailles will feature two community buildings and a leasing office. Jon Killough of Bellwether Enterprise’s Alabama office arranged the 40-year loan with 22 months of interest-only payments through HUD on behalf of the borrower, Mirus New Orleans LLC. The financing of the project also includes the issuance of short-term tax-exempt bonds, 4 percent Low Income Housing Tax Credits purchased by City Real Estate Advisors and HOME Funds provided by the Louisiana Housing Corp.