FORT WORTH, Texas — Bellwether Enterprise Real Estate Capital LLC has arranged a $28.9 million loan for the construction of Legacy Riverside Senior Living Community in Fort Worth.
Phil Melton and Jeff Bradley, both in Bellwether Enterprise’s Dallas office, originated the loan with Cindy Hannon of Bellwether’s Atlanta office on behalf of the borrowers, Legacy Multifamily Development and RISE Residential Construction. This is the sixth loan deal in which Bellwether Enterprise has partnered with RISE Residential since 2017.
Legacy Riverside will provide 264 affordable units in north-central Fort Worth, using 4 percent tax-exempt bonds. The property has a bond regulatory agreement and Low-Income Housing Tax Credit Regulatory Agreement requiring all units to be reserved for seniors earning at or below 60 percent of the area median income.
Freddie Mac is providing a 40-year amortization structure. RISE Residential and Legacy Multifamily Development will co-develop the property with Garland Housing Finance Corp., a nonprofit owner.