ENTERPRISE MOVES BEYOND HOUSING
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|Enterprise Homes parent Enterprise Community Investment has even more news: Its multifamily mortgage financing division has agreed to merge with Bellwether Real Estate Capital to become Bellwether Enterprise Real Estate Capital. Closing is expected next quarter. Enterprise SVP Lamar Seats (above) will be CEO, and Bellwether's Ned Huffman will be president. Lamar told us yesterday the entity will be 65% owned by Enterprise and 35% by Bellwether partners. He says the five-year strategic plan includes the aggressive addition of offices in new markets.|
|Lamar says Enterprise's real mission of community development involves more than affordable housing. The plan is for Enterprise Bellwether loans for market-rate multifamily, office, retail, industrial, hotel, and healthcare (expected to top $1.5B in 2012 and $3B farther out) to be the tide that lifts all boats. Plus, diversification is just good business, he says. Although Cleveland-based Bellwether has concentrated on Midwestern mortgages, it has relationships with 25 life companies and is a Freddie Mac market-rate lender. (Enterprise has focused on Freddie affordable, Fannie Mae DUS, and FHA loans.) As evidenced by the Irvington Mews development mentioned earlier, the Baltimore/DC area is one Enterprise has penetrated and thus is a strong prospect for broader CRE community development. The latest Baltimore deal for Lamar's group was the '09 financing for Enterprise Homes' Greens at Rolling Road seniors affordable apartments (above) in Catonsville.|