Home / Case Studies

Winslow Cross Creek

Winslow, New Jersey

Property Description

Phase I consists of 45 two, three and four-bedroom units, ranging from 1,420 to 1,652 square feet, in 10 residential buildings. Phase II consists of 49 two, three and four-bedroom units, ranging from 1,310 to 1,700 square feet, in 9 residential buildings. Both properties have ample on-site parking, units with one-car garages and share access to a playground for small children as well as a community building with a kitchen.


Following Phase I and Phase II, four additional phases are planned for Winslow Cross Creek and will include 138 more townhouse units and a 70-unit building dedicated for senior citizens. The apartment complex is located in the Sicklerville section of Winslow Township, which has been the center of residential and commercial growth in the township over the past 10 years.


Financing

Phase I and Phase II are nine percent (9%) tax credit projects, having attracted investor equity for development by qualifying under Section 42 of the Tax Code for affordable housing projects. As such, 90 percent of the units are affordable at 60 percent of Area Median Income (AMI), with the remaining 10 percent set aside for tenants earning 30 percent AMI. Five units will be reserved for occupancy by residents with mental disabilities.


Phase I and Phase II were made operational with qualifying and stabilized lease-up approximately one year apart. Bellwether Enterprise coordinated simultaneous rate lock and loan closings for both phases while also meeting initial lease-up and stabilization of the latest construction phase. Bellwether Enterprise now retains first right for providing financing for the future phase that will create 91 units for seniors.


Opportunities

Both phases were certified under the New Jersey ENERGY STAR® Homes program and therefore qualified for a lower all-in interest rate under Fannie Mae’s Multifamily Green Building Certification Pricing Break program. The green building certification means that the properties were built with many energy-efficient features including a complete thermal enclosure and energy-efficient lighting and appliances. Both phases were also approved under Enterprise Green Communities criteria.

Loan Amount

Originated by

$4,300,000

Jeff Mion

Product

9% LIHTC

Green Rewards

Lender

Fannie Mae

© 2020 by Bellwether Enterprise Real Estate Capital, LLC, a subsidiary of Enterprise Community Investment, Inc. Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company that puts people and communities first. As a subsidiary of Enterprise Community Investment, Inc., we support its mission of creating and preserving affordable housing in thriving communities. With an unwavering commitment to regional expertise and unmatched customer service, we are making an impact beyond the bottom line.  We provide a variety of loan products from Life Insurance Companies and Pension Funds, Freddie Mac Targeted Affordable Housing Lender and Optigo® Lender, Fannie Mae Delegated Underwriting and Servicing (DUS®) - Multifamily Affordable and Market Rate Housing Lender, FHA, USDA and CMBS to name a few. We are Capital on a Mission. 

twp2020-01.png
2019-weatherhead-100-logo.png
CPE_Excellence_Winner.png