Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

The Landings at Belle Meadows – Alton, IL

The Landings at Belle Meadows exterior
Image Source: Cinnaire

Through the Positive Social Purpose Lending Program and in partnership with Cinnaire, participation was purchased in a loan providing financing for a 60-unit rental property in Alton, IL with units restricted to households earning between 30% and 60% of area median income. The project underwent a renovation that included a clubhouse addition, tuck-pointing, siding replacement, window replacement, roof replacement, new water heaters, new doors, and updates to kitchens, bathrooms, and flooring in all units. Unit amenities include patios or balconies, and full kitchen energy star appliances. Common area amenities include a security gate, fitness center, computer center, community gardens, common area laundry room, and playground.

Transaction Summary:
 

Property Name: The Landings at Belle Meadows
Location: 3200 Belle Street, Alton, IL
Units: 60
Loan Amount: $1,025,800
Term: 18 years
Purchase Date: August 14, 2017

 

For more information about Cinnaire: http://cinnaire.com

 

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