BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $29,500,000 loan to finance the construction of Imperium Oakwood, a 229-unit Class A multifamily development in Oakwood, Georgia.
Thomas Wiedeman, senior vice president, led the efforts to originate the floating-rate construction loan from a community bank on behalf of the borrower, Imperium Development. He was supported by his Atlanta based team that includes Alan Tapie, executive vice president, Hanley Long, production analyst and Brad Walker, senior vice president.
“Due to the lack of construction liquidity within the commercial banking space, we utilized our deep lender relationships to put together a suitable capital structure that allowed Imperium to execute on the deal,” said Wiedeman. “At a time when many bank lenders are not lending to new customers, we were able to establish a new banking relationship for the Sponsor that will provide capital for their continued development efforts.”
Located directly adjacent to the University of North Georgia’s Gainesville campus, Imperium Oakwood will feature a comprehensive suite of community amenities, such as a clubhouse with fitness and office rooms, resort-style pool, fireplace, grill stations, covered lounge, game area, ample on-site parking, and a dog park with a wash station. Unit amenities will include stainless steel appliances, hard surface kitchen and bathroom countertops, LED lighting, decorator-grade plumbing fixtures, and luxury vinyl plank flooring.
Oakwood is part of the Gainesville Metropolitan Statistical Area, which was the fastest-growing real estate market in the country in 2023. The Oakwood Imperium development is set to occupy one of the last zoned sites in the city following a major construction boom, and it will offer convenient access for residents commuting to work and school in Gainesville and the northern suburbs of Atlanta.
