Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multi-family mortgage banking company, today announced the closing of a $100,000,000 construction/permanence loan to finance Cloud House, a Class A residential development in Stanton, in California.
Tom Kenny, Executive Vice President, and Alex Gregoire, Assistant Vice President, both of BWE’s office in Irvine, Calif., originated the loan through a correspondent life insurance company in the name of the borrower, Bonanni Development. Bonanni Development is one of Orange County’s top residential developers and a regular customer of BWE.
“At BWE, we pride ourselves on working with our partners to secure the best financing options, and Cloud House is an outstanding example of that commitment,” Kenny said. “Our team is excited to partner with our colleagues at Bonanni Development on this deal and to continue our work together in California.”
Cloud House is a five-story, 321-unit luxury apartment building project with studio, one-, and two-bedroom units. The residential building will wrap around a seven-story parking structure, all on a 3.79-acre site. Amenities include a rooftop terrace with a swimming pool, spa and lounge with panoramic views. Additional amenities include a fitness center, outdoor community spaces, dog park, and coworking space.
The property is located just north of CA-22 near the intersection of Beach Boulevard and Lampson Avenue. It is part of the Beach Boulevard transformation in the Stanton neighborhood, which has been revitalized in recent years.
The loan includes a 13-year term with a 3-year construction period and a 10-year permanent loan, with interest-only payments for the first eight years. The rate is set at 4.50% and has been blocked on the loan application.
BWE offers flexible financing solutions for clients spanning the full spectrum of commercial and multi-family real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.
BWE is a national, full-service, multi-family commercial mortgage banking company. In partnership with Enterprise Community Partners, Inc., BWE has production offices nationwide and an integrated service platform based in Cleveland. Through our local market expertise, national lending relationships and experience in structuring financing, we provide our clients with competitive and creative solutions for their financing needs. BWE provides loans to a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®), Freddie Mac Optigo™ Conventional and Targeted Affordable Housing Seller/Servicer Loans, Federal Housing Administration (FHA) Multifamily Accelerated Processing (MAP) Approved Lender and United States Department of Agriculture (USDA) Section 538 Lender ) for rural development.
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