BWE, a national commercial and multifamily mortgage banking company, announced that it has secured over $14.4 million in construction financing for Westview Heights, a 132-unit affordable multifamily housing development in Denton, Texas. The terms of the financing include a 40-year fixed rate with interest only payments during the construction period and a 40-year amortization.
Jon Killough, BWE Executive Vice President in Alabama, originated the loan on behalf of the borrower. The new construction will be developed utilizing an allocation of 9% LIHTCs allocated by the Texas Department of Housing and Community Affairs.
“Daily we are working with our customers to expand the nation’s supply of affordable housing, and the Dallas-Fort Worth metroplex is a fast-growing market with notable demand for affordable and workforce housing,” said Killough. “BWE looks forward to working with its partners to finance new affordable multifamily construction across the country and helping to alleviate the housing affordability crisis.”
With construction expected to be completed in 2024, Westview Heights will include 48 one-bedroom, 66 two-bedroom, and 18 three-bedroom units. The development will consist of three walk-up, garden-style buildings and one clubhouse building. Units will feature laminate countertops, vinyl tile/plank flooring, ceiling fans, dishwashers, garbage disposals, walk-in showers, patios/balconies, carpet, walk-in closets, and air conditioning. Planned community amenities include an on-site office, fitness center, activities room, business center, clubhouse, pool, BBQ/picnic area, laundry facilities, and a yoga room.
Of the 132 total units, 11 units will be designated for residents earning up to 30% of the area median income (AMI), 44 units will be designated for residents earning up to 50% AMI, and 55 units will be designated for residents earning up to 60% AMI. The remaining 22 units will be available at market rate.
