Office p Tennessee

Bellwether Enterprise closes $267 million in loans in August

Bellwether Enterprise announced that the firm closed 34 deals totaling $267 million in loans in the month of August.

Bellwether Enterprise announced that the firm closed 34 deals totaling $267 million in loans in the month of August.

Two of its spotlight deals were completed in the Midwest. One of which includes a $6.02 million acquisition loan for Grove Park Office Building in Memphis, Tennessee. The 60,000-square-foot facility is Priam Capital’s first purchase in the area.

Bellwether Enterprise’s Jeremy Chism, Memphis-based vice president, arranged the loan with Wells Fargo for Priam Capital, the lender.

The second deal consisted of a $1.56 million acquisition loan for a manufactured housing community in Anderson, Indiana. The loan’s originator MJ Vukovich, vice president in the Minneapolis office, closed the loan in only 35 days.

Before choosing National Exchange Bank and Trust as the lending partner, Bellwether Enterprise searched for numerous other lenders before arranging the deal at an 80 percent loan-to-cost ratio for Havenpark Capital, the borrower. Havenpark Capital is a growing group that has purchased 1,000 units over the past year.