August 2, 2019
Bellwether Enterprise Real Estate Capital provided $10.1 million in financing for the acquisition and renovation of Willow View Townhomes, an affordable multifamily housing community in Staunton, VA.
Located at 102 Baylor St. in downtown Staunton, the 11-acre community is 33 miles northwest of Charlottesville. The community, which was originally built in 1981, is comprised of 18 two-story townhomes and one-story garden-style residential buildings. In total, the property includes 110 residences, and a total rentable square footage of 119,064.
Jon Killough of Bellwether’s Alabama office arranged the financing on behalf of the borrower, LEDIC Realty Co. The financing plan also included short-term tax-exempt bonds underwritten by Stifel, Nicolaus & Company, and 4% low-income housing tax credits purchased by Boston Capital. The tax-exempt bonds were issued by the Staunton Redevelopment and Housing Authority, and the low-income housing tax credits were allocated through the Virginia Housing Development Authority. The rehabilitation of the property will be performed by Empire Construction of Knoxville, TN.
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*Pictured above is downtown Staunton, Virginia.
For comments, questions or concerns, please contact David Cohen