Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., announced today the closing of a $12,243,000 Fannie Mae refinance loan for Villas del Solamar, a 212-unit multifamily community located in Dallas, Texas.
Anthony Tarter, Executive Vice President and Director of Workforce Housing and Social Impact in Bellwether Enterprise’s Dallas office, originated the loan on behalf of the borrower, Comunidad Realty Partners (CRP). The deal is the first to utilize Fannie Mae’s Healthy Housing Rewards™ (HHR) program with an emphasis on Enhanced Resident Services in which the sponsor self-imposed rent restrictions.
CRP is self-restricting 60 percent of the units to 60 percent of the area median income and will receive a discount on the interest rate of the loan. CRP will spend this additional rate discount towards enhanced resident services each year. Bellwether Enterprise will monitor the self-imposed rent restrictions.
Antonio Marquez, principal and managing partner of CRP, previously renovated the property’s clubhouse to create a center for resident services. Currently, the center offers after-school programs, community events, resume-building, job placement counseling, financial literacy courses, nutrition and fitness classes, telehealth services, a full-time, on-site resident resource employee to assist residents with connecting to employment, healthcare, and other services. CRP has also established a partnership with CitySquare, a local nonprofit social services organization, to provide summer activities for children.
Tarter’s team is contributing new computers and printers for the on-site youth learning center, as well as new computers and printers for the clubhouse’s business center. The business center will also offer educational resources on resume-building and employment services for adults.