Enterprise Community Investment Inc., headquartered in Columbia, Md., and Cleveland-based Bellwether Real Estate Capital LLC have announced a merger between Enterprise's multifamily mortgage finance business and Bellwether.
According to the companies, the newly formed Bellwether Enterprise Real Estate Capital LLC is expected to top $1.5 billion in combined mortgage production volume this year. Lamar Seats, currently senior vice president of Enterprise's multifamily mortgage finance business, will now serve as CEO of Bellwether Enterprise; Ned Huffman of Bellwether will serve as president, and Debbie Rogan of Bellwether will become executive vice president. 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,’ says 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.’