April 27, 2017

Celebrating the Financial Closing of Avaire Apartment Homes

Avaire Apartment Homes

Congratulations to Shelter Resources, Inc. and Shelter America Group on the financial closing of Avaire Apartment Homes in Everett, Washington! With this transaction, 96 homes will be preserved as affordable for families making up to 60% area median income. After the rehabilitation, residents will enjoy a modernized and efficient home with new community spaces to extend their livable space.

Financing

Bellwether Enterprise provided $11 million in construction and permanent financing via a FNMA-MTEMR loan. Enterprise provided $2.4 million of conventional joint venture equity to bridge the initial acquisition and allow the Housing Credit financing to be assembled. Enterprise will also provide $5.26 million of Housing credit equity.