Bellwether Enterprise Real Estate Capital LLC recently originated a $12 million loan with the Federal Housing Administration for the refinancing of Winton Manor in Cleveland.
Owned by The Ferchill Group, the property consists of 270 assisted rental units for seniors. The loan will preserve Section 8 affordability to Winton Manor residents for 30 years.
The property was built in 1916 as the Hotel Winton, and was renamed the Carter Hotel in 1931. Following a fire and subsequent vacancy, the building was converted in the 1980s and completely renovated by The Ferchill Group in 2004 into affordable, Section 8 senior housing, which is today known as Winton Manor.
Funding for the refinancing was provided through FHA’s 223(a)(7) loan program.
