Almost six years after a tornado ravaged Moore, Okla., a team of partners is bringing new life and affordable housing to the Royal Park mobile-home site where approximately 200 homes were destroyed.
Developed through a joint-venture partnership between Oklahoma City–Belmont Development Co. and Dallas-based Rise Residential Construction, The Curve Apartments will include three buildings with 219 affordable units, 25 market-rate units, and 4,650 square feet of commercial and retail space on the 14-acre site where the mobile-home community once stood. The development also will include green space, a business center, a fitness center, a swimming pool, and a communal barbecue area.
Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, is providing a $19 million loan to finance The Curve Apartments.
“The city of Moore is admirably rebuilding after such a destructive event, and Bellwether Enterprise is very proud to support the community and its residents in this process,” said Ned Huffman, president of Bellwether Enterprise. “We are always driven by our mission to provide flexible financing to our clients and positively impact local communities, and when we can do this for clients who are doing great work for their community, it’s a win-win.”
Bellwether Enterprise’s Jon Killough, senior vice president in the Alabama office, and John Roberts, vice president in the Dallas office, arranged the loan on behalf of the borrowers using Freddie Mac as the lender. The permanent loan has a 15-year term and a 35-year amortization with one year of interest only provided by Bellwether Enterprise. The total development cost is expected to be in excess of $49.9 million, which includes low-income housing tax credit equity through 42 Equity Partners and subsidy provided the Community Development Block Grant-Disaster Recovery funds.