Bellwether Enterprise Establishes Dedicated Affordable Housing Group
Affordable Housing Veteran Philip Melton Hired to Lead Group from Dallas
Cleveland – March 18, 2015 – Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), today announced that it has expanded its affordable housing business by establishing a group dedicated to providing flexible financing resources to affordable, multifamily clients across the United States. With 18 Bellwether Enterprise offices located throughout the country, the Affordable Housing Group will leverage the firm’s existing, nationwide lending platform.
The group will be led by affordable housing veteran Philip Melton, recently hired as executive vice president of Bellwether Enterprise, who will work out of the company’s Dallas office. Mr. Melton joins Bellwether Enterprise from Hunt Mortgage Group/Centerline Capital Group, where he served as senior managing director and was responsible for overseeing the company’s Affordable Housing Debt and FHA lending platforms. Previously, Mr. Melton was senior vice president and head of Affordable Housing and the FHA lending platform for Grandbridge Real Estate Capital, where he led the company’s Affordable Housing division for more than 8 years. Over the course of his career, Mr. Melton has achieved more than $2.5 billion in total direct loan originations with total production of more than $3.7 billion, primarily in affordable housing and FHA lending.
“I am very excited to join the Bellwether Enterprise platform. Its well-established commitment to affordable housing and diversified product offerings across the affordable housing capital platform were key reasons for my decision to join the firm. I believe Bellwether Enterprise is well positioned to be a market leader in all aspects of affordable housing and I look forward to the growth opportunities,” explained Mr. Melton.
“As Bellwether Enterprise continues to expand nationally, the formal establishment of this affordable housing group will enable us to make a more positive impact in the communities in which we work by creating additional opportunities for low and moderate income families through high-quality, affordable housing,” said Ned Huffman, president of Bellwether Enterprise. “We’re thrilled to welcome Phil on board to lead the group and build upon the good work we already do in the affordable housing space. Phil’s deep expertise with Fannie Mae, Freddie Mac and FHA lending will be an invaluable asset for our clients across the country.”
“The establishment of the Affordable Housing Group at Bellwether Enterprise shows the organization’s commitment to expanding product offerings and services that will ultimately serve people in need,” said Charlie Werhane, president and CEO of Enterprise Community Investment. “Home is the foundation of opportunity and a fair shot at success. That’s why Enterprise has set a goal to end housing insecurity in the U.S. within a generation.”
The U.S. is in the midst of a broad housing insecurity crisis that is affecting nearly 19 million low-income families who are homeless or paying more than half of their monthly income on housing. Enterprise’s generational goal is to end housing insecurity, which means no more homelessness and no more families paying more than half of their income on housing. As part of the Enterprise family of companies, Bellwether Enterprise is committed to tapping its experience and nationwide network to help achieve this goal. For more information on Bellwether Enterprise’s services, visit us at: www.BellwetherEnterprise.com.