Legado Apartments. (Image courtesy of Todd + Associates)
By Real Estate Daily News
PHOENIX, Ariz. – Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $74,999,900 US Department of Housing and Urban Development 221(d)(4) loan for the construction of Legado Apartments, a multifamily property located in downtown Prescott Valley, AZ.
Jim Swanson, Executive Vice President in BWE’s Phoenix office, originated the loan through HUD’s 221(d)(4) Mortgage Insurance Program on behalf of the developer, Fain Signature Group. Fain Signature Group has been working in Prescott Valley since 1874.
“BWE is proud to have worked with Fain Signature Group to bring much-needed additional rental housing to the community,” said Swanson. “Despite some recent apartment growth, Prescott Valley is still one of the most under-served communities in Arizona. The new community, located in the heart of Prescott Valley’s Town Center, will contribute to the economic and employment growth of the region as a whole.”
