Bellwether Enterprise Real Estate Capital LLC closed a $15.125 million refinance loan through the Federal Housing Administration for Arbor Courts, a 150-unit modern, workforce housing development at 3900 56th St. South in Fargo, North Dakota.
Mike Polencheck, senior vice president in Bellwether Enterprise’s Minneapolis office, and Jon Killough, executive vice president in the Alabama office, originated the loan on behalf of the borrower, Arbor Courts, LLC, an affiliate of Epic Management.
Arbor Courts, which was built in 2015, comprises four contiguous buildings and is Energy Star Existing Building certified with a SEP score of 100. The workforce housing property includes an on-site manager and each apartment features granite countertops, hardwood floors, stainless steel appliances, in-unit washer and dryer and balcony/patio space. Rent prices range from $800 for a one-bedroom to $1,200 for a three-bedroom apartment.
Tenants have easy access to shops and restaurants, transportation, community amenities and green space and the property has maintained strong occupancy since its opening and is currently 100 percent leased with a waiting list.