CINCINNATI AND CLEVELAND — Fifth Third Bank NA and Bellwether Enterprise Real Estate Capital LLC have formed a new strategic relationship for multifamily financing. The arrangement brings together two institutions that are committed to providing affordable multifamily housing.
Cleveland-based Bellwether Enterprise’s wide capabilities with government lending programs, including Fannie Mae, Freddie Mac, FHA and USDA, will provide long-term agency financing for Fifth Third’s clients. Cincinnati-based Fifth Third will gain access to Bellwether Enterprise’s diverse permanent lender platform, which also includes correspondent relationships with life insurance companies in addition to agencies.
Fifth Third will also be able to invest in new market tax credits, low-income housing tax credits, workforce housing equity and other products offered by Bellwether Enterprise’s parent company, Enterprise Community Investment Inc.
The relationship will enable Bellwether Enterprise to leverage Fifth Third’s short-term and construction lending products, as well as treasury management, capital markets and investment solutions.
Fifth Third Acquisition Holdings LLC, a wholly owned subsidiary of Fifth Third, made a minority equity investment in Bellwether Enterprise as part of the relationship. Beekman Advisors advised Bellwether Enterprise on negotiation and execution of the transaction.