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Bellwether Enterprise Provides Agency Credit Facility for 256-Unit Affordable Housing Complex in Houston

HOUSTON — Bellwether Enterprise Real Estate Capital has provided a Freddie Mac Transitional Line of Credit for Aspen Park, a 256-unit affordable housing complex in Houston. The amount was not disclosed, but the financing is part of a $150 million credit facility for a quartet of properties in Texas and Oklahoma. The borrower, Alabama-based Envolve Communities, will use the proceeds to refinance existing debt, preserve affordability and fund capital improvements. Jon Killough and John Roberts of Bellwether Enterprise originated the financing. Aspen Park houses one-, two- and three-bedroom units, the majority of which  are reserved for renters earning 60 percent or less of the area median income.

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