BWE, a national commercial and multifamily mortgage banking company, announced the closing of four financings totaling over $26 million to refinance, build, and preserve four seniors and affordable housing properties in California, Massachusetts, Ohio, and Florida.
“With the backing of BWE’s comprehensive suite of capital solutions for seniors housing, we always strive to find the best execution for our clients, whether we are sourcing capital from the agencies, life companies, or through alternative capital sources like USDA,” said Taylor Mokris, senior vice president of seniors housing and care at BWE. “In this difficult capital markets environment, we’re leveraging our broad lending capabilities to build new relationships for our clients and ensure owners and operators can continue to deliver for their residents and families across the spectrum of seniors housing and care.”
The four properties include:
Palm Court Senior Independent Living (Culver City, California), a $11,000,000 loan to refinance the 99-unit, age-restricted apartment complex. Max Sauerman, senior vice president in BWE’s Los Angeles office, originated the loan on behalf of Goldrich and Kest, one of the nation’s most successful, privately owned, family-run real estate companies. The apartment building was completed in 1991 and is rich with amenities including a bistro serving three meals a day, movie theater, fitness center, and business center, as well as concierge services like housekeeping, laundry, local transportation, and social/recreational programs.
Branches of North Attleboro (North Attleboro, Massachusetts), a $13,150,000 fixed-rate, non-recourse Freddie Mac loan with a five-year term to provide acquisition financing for a 104-unit assisted living and memory care community. Mokris and Ryan Stoll, national director of seniors housing and care at BWE, worked closely with the Freddie Mac seniors team to originate the loans on behalf of the borrower, one of the top institutional owners of seniors housing in the country. Operated by Benchmark Senior Living, amenities include courtyards, resident-tended gardens, ample walking trails, salon, fitness center, library, and various recreation spaces.
HOPE Senior Village (East Canton, Ohio), a $1,089,000 USDA RHS 538 GRRHP loan to provide permanent financing for the construction of a 40-unit affordable seniors housing development. Bob Morton, senior vice president and director of RHS programs in BWE’s Indiana office, originated the loan, which has a 40-year fixed-rate term and a 40-year amortization period. The development consists of eight buildings, each containing five one- and two-bedroom units. Of the 40 total units, seven are designated for residents earning up to 30% of the area median income (AMI), 17 units are designated for residents earning up to 50% of AMI, and 16 units are designated for residents earning up to 60% of AMI. The project received additional financing through the use of 9% Low-Income Housing Tax Credits.
Amelia Village (Vero Beach, Florida), a $1,700,000 USDA RHS 538 GRRHP loan to provide permanent financing for the preservation of a 50-unit existing rural development, Section 515 senior housing property. Bob Morton and Jon Killough, BWE executive vice president in Alabama, originated the loan, which has a 40-year fixed-rate term and a 40-year amortization period. The community features 20 one-bedroom and 30 two-bedroom units. Additional financing was secured through the use of 9% Low-Income Housing Tax Credits.
