OhioFinance Bellwether closes $19 million loan for Cincinnati apartment property July 20, 2018 Share on Facebook Share on Twitter Share on LinkedIn Share via email Bellwether Enterprise Real Estate Capital LLC closed four deals totaling more than $38 million for two multifamily, one hospitality and one flex-retail property located across four states, including one property in the Midwest, an apartment community in Ohio. In the Ohio deal, Bellwether provided a $19.8 million bridge loan for a multifamily building in Cincinnati. The contemporary urban apartment community features studio, one-bedroom loft and two-bedroom apartments with a suite of attractive amenities, including hardwood floors, high ceilings and patios or balconies. Situated within a historic building in the downtown region of Cincinnati, the apartment community also includes a business center, community room, fitness center, sundeck and heated rooftop pool. Bob Pearson, senior vice president of Bellwether Enterprise in the Cincinnati office, arranged the non-recourse, interest-only bridge loan using Voya as the lender. The loan featured a four-year term with a one-year extension option and was able to finance 75 percent of the property’s acquisition cost while providing additional facility to fund 100 percent of future capital improvements up to almost $3.5 million. As a result, the bridge loan allowed the borrower to acquire control of the property, avoid recourse and finance all planned improvements by only providing paid invoices. Voya executed on a quick closing and was able to accommodate a closely-held TIC structure that allowed two partners to take advantage of two separate 1031 exchanges.