Fifth Third Bank & Bellwether Enterprise Announce Strategic Relationship to Expand Opportunities in Multifamily Housing Indus...
April 22 2020 - 9:31AM
Business Wire
Fifth Third Bank, National Association, and
Bellwether Enterprise Real Estate Capital, LLC (Bellwether
Enterprise), the commercial and multifamily mortgage banking
subsidiary of Enterprise Community Investment Inc. (ECI), announced
today a new strategic relationship.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200422005527/en/
Bringing together two institutions that are deeply committed to
providing affordable multifamily housing, the relationship is
designed to offer a broad set of solutions for the commercial real
estate industry. Given Bellwether Enterprise’s wide capabilities
with government lending programs, including Fannie Mae DUS™,
Freddie Mac, FHA, USDA, and others, this will provide long-term
agency financing through Bellwether Enterprise for Fifth Third’s
clients in this environment when the government is becoming the
dominant financing source for real estate assets.
“We believe this relationship with Bellwether Enterprise
provides an opportunity to strengthen our commercial real estate
platform in a way that is meaningful for our clients,” said Kevin
Lavender, executive vice president and head of Commercial Bank for
Fifth Third. “The diverse capabilities and relationships that
Bellwether Enterprise brings to the table enables us to better
serve a wider range of commercial real estate businesses together,
with significant access to both private, and importantly, long-term
governmental financing programs.”
Fifth Third Bank will gain access to Bellwether Enterprise’s
diverse permanent lender platform including its agency
relationships and long-term correspondent relationships with life
insurance companies. It will also have access to invest in new
market tax credits, low-income housing tax credits, workforce
housing equity and other products provided by Bellwether
Enterprise’s parent company, Enterprise.
“Working with Fifth Third, given its significant resources,
commercial real estate focus and client base, will help us as we
continue with our growth initiatives,” said Ned Huffman, president
and CEO, Bellwether Enterprise. “Also, we know the cultures at
Fifth Third and Bellwether are a solid fit. We will now have a very
strong strategic partner that we can work with to provide many new
products and services, and access to opportunities and
relationships we currently do not have.”
The relationship will provide Bellwether Enterprise the ability
to leverage Fifth Third Bank’s short-term and construction lending
products, as well as treasury management, capital markets and
investment solutions.
Bellwether Enterprise and Fifth Third share a common goal to
advocate for and create affordable rental housing across the
country. In a time of economic challenges, it’s more important than
ever to provide access to capital and government programs to build
and maintain multifamily housing so that millions of Americans can
have a stable place to call home. “Our common vision creates a
solid foundation to allow Bellwether Enterprise, Enterprise and
Fifth Third Bank to have access to more products and services that
make affordable housing possible,” said Charles Werhane, president
and CEO, Enterprise Community Investment, Inc.
Fifth Third Acquisition Holdings, LLC., a wholly-owned
subsidiary of Fifth Third, also made a minority equity investment
in Bellwether Enterprise as part of the relationship.
Beekman Advisors advised Bellwether Enterprise on negotiation
and execution of the transaction.
About Fifth Third Fifth Third Bancorp is a diversified
financial services company headquartered in Cincinnati, Ohio, and
the indirect parent company of Fifth Third Bank, National
Association, a federally chartered institution. As of March 31,
2020, Fifth Third had $185 billion in assets and operated 1,123
full-service banking centers and 2,464 ATMs with Fifth Third
branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total,
Fifth Third provides its customers with access to approximately
53,000 fee-free ATMs across the United States. Fifth Third operates
four main businesses: Commercial Banking, Branch Banking, Consumer
Lending and Wealth & Asset Management. Fifth Third is among the
largest money managers in the Midwest and, as of March 31, 2020,
had $374 billion in assets under care, of which it managed $42
billion for individuals, corporations and not-for-profit
organizations through its Trust and Registered Investment Advisory
businesses. Investor information and press releases can be viewed
at www.53.com. Fifth Third’s common stock is traded on the Nasdaq®
Global Select Market under the symbol “FITB.” Fifth Third Bank was
established in 1858. Deposit and Credit products are offered by
Fifth Third Bank, National Association. Member FDIC.
About Bellwether Enterprise
Bellwether Enterprise is a national, full-service commercial and
multifamily mortgage banking company. As a subsidiary of Enterprise
Community Investment, Bellwether Enterprise has production offices
across the country and an integrated servicing platform based in
Cleveland. With local market expertise, national lending
relationships and financing structure experience, we provide
clients with competitive, creative solutions for their financing
needs. Bellwether Enterprise provides loans for a range of
institutional investors including life insurance companies, pension
funds, commercial banks and CMBS lenders and is a Fannie Mae
Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac
Optigo™ seller/servicer for Conventional and Targeted Affordable
Housing Loans, Federal Housing Administration (FHA) approved
Multifamily Accelerated Processing (MAP) lender and U.S. Department
of Agriculture (USDA) Section 538 Rural Development lender.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200422005527/en/
Fifth Third contacts: Shandi Grant (Media)
Shandi.grant@53.com
Chris Doll (Investors) Christopher.doll@53.com
Bellwether Enterprise contact: Marykate Cary
mcary@groupgordon.com
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