Enterprise Community Investment and Bellwether Real Estate Capital Announce Merger

COLUMBIA, Md., March 21, 2012 /PRNewswire/ -- Enterprise Community Investment, Inc. (Enterprise) and Bellwether Real Estate Capital, LLC (Bellwether) today announced a merger between Enterprise's Multifamily Mortgage Finance business and Bellwether, expanding their geographic reach, product offerings and ability to serve multifamily and commercial real estate borrowers across the country. The new company, Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), is expected to top $1.5 billion in combined mortgage production volume in 2012.

Lamar Seats, currently SVP of Enterprise's Multifamily Mortgage Finance business will now serve as CEO of Bellwether Enterprise, and Ned Huffman of Bellwether will serve as president. Debbie Rogan of Bellwether will serve as EVP. The transaction is expected to close in the second quarter.

"As Enterprise celebrates 30 years of innovation and leadership, we are thrilled to announce our merger with Bellwether, which positions us for continued growth by combining our expertise in financing affordable housing and community development for people in need with Bellwether's leadership in the broader commercial real estate sector," said Charles Werhane, president and CEO of Enterprise Community Investment. "Through this merger and with planned strategic growth initiatives, we expect to build Bellwether Enterprise's annual production volume to over $3 billion."

"Bellwether Enterprise looks forward to creating flexible financing solutions for our customers across all commercial property types," said Huffman. "The newly-combined teams will total 90 employees and offer financing expertise in the multifamily housing, office, retail, industrial, hotel and healthcare lending markets."

Bellwether Enterprise will be headquartered in Cleveland, with originators located in 13 cities nationwide. Bellwether Enterprise will provide integrated product solutions through:

• Streamlined underwriting as a special Fannie Mae Delegated Underwriting and Servicing (DUS^®) Special Affordable lender, Freddie Mac Targeted Affordable Housing lender, Freddie Mac Program Plus^® lender, a Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender, a U.S. Department of Agriculture (USDA) Section 538 Rural Development lender, issuer of Ginnie Mae Mortgage Backed Securities and correspondent relationships with more than 25 life insurance companies.
• Timely processing and closing
• Experience closing loans in diverse housing and commercial markets
• Fast-track underwriting for repeat borrowers
• Nationally recognized expertise in financing complex affordable housing, market rate (workforce) and preservation transactions
• Interim bridge loans, mezzanine loans, forward commitments, and equity and joint venture structures
• Fixed and variable interest rates, amortization schedules of up to 30 years
• Construction and permanent loan servicing for all loans originated by Bellwether Enterprise

Headquartered in Cleveland, Ohio, with a portfolio exceeding $4.2 billion and offices throughout the Midwest and Southeast, Bellwether provided a variety of loan products for investment real estate, placed through a wide range of institutional investors, including life insurance companies, pension funds, government agencies and banks. Enterprise's Multifamily Mortgage Finance group provided construction and permanent financing for affordable and market-rate multifamily housing and healthcare facilities through a broad range of financial products. Enterprise's multifamily servicing accounts will be transferred to the Cleveland Bellwether Enterprise operation.

Enterprise Community Investment was advised on the transaction by Beekman Advisors, Inc.

For more information on Bellwether Enterprise, go to www.BellwetherEnterprise.com.

SOURCE Enterprise Community Investment