Bellwether Enterprise Real Estate Capital provided a $28.8 million Freddie Mac loan for the acquisition, rehabilitation and preservation of Elmhurst Terrace, a 315-unit affordable housing property in Elmhurst, Illinois.
Phil Melton of Bellwether Enterprise’s Dallas office originated the 10-year, fixed-rate loan. Developer Cohen-Esrey was the borrower. In addition, Bellwether’s parent company, Enterprise Community Investment Inc., along with BMO Harris Bank and Cohen-Esrey, have invested $17 million for the rehabilitation and preservation.
“Bellwether Enterprise is committed to providing flexible financing options for affordable properties throughout the country, especially at a time when communities are becoming more and more expensive for families,” said Melton. “It was a pleasure to work with our team at Enterprise, BMO Harris and Cohen-Esrey, as we’ve done for several years, to ensure this community could be rehabilitated and kept affordable for residents.”
Located about 20 miles south of downtown Chicago, Elmhurst Terrace was originally constructed in 1947. Monthly rents range from $975 to $1,400. Unit renovations will include new kitchen appliances and finishes, flooring and light fixtures. Plans also call for exterior improvements as well as the addition of a pet park and barbecue stations. The renovations are scheduled for completion in the next one to two years.