BWE, a national commercial and multifamily mortgage banking company, announced that it has secured permanent financing for One Loop Apartments, Broadway Park Apartments, and Park Vue Flats, three workforce housing communities in St. Louis, Missouri.
Dan Baker, senior vice president in BWE’s St. Louis office, secured three loans for the properties on behalf of the borrowers, Affinity Capital LLC and a St. Louis-based housing developer. The loans for Broadway Park and One Loop were originated through Fannie Mae’s Sponsor Dedicated Workforce Housing program, which allowed the borrowers to receive a lower interest rate. All three loans are fixed rate with five-year terms and full-term interest-only payments.
“By utilizing Fannie Mae’s Sponsor Dedicated Workforce Housing program, we were able to secure very favorable financing terms for these properties, allowing our clients to rehabilitate and add value to the communities so they can continue to serve hard-working St. Louis residents for years to come,” said Baker. “Workforce housing is a critical component of fighting the housing crisis, and we look forward to bringing additional financing to properties like these across the country.”
The portfolio of properties contains a total of 247 units spread across 23 residential buildings, with Broadway Park having 104 apartments, One Loop having 59 apartments, and Park Vue Flats having 84 apartments. Having been financed through the Sponsor Dedicated Workforce Housing program, 50% of the units in Broadway Park and One Loop will be restricted to residents earning up to 80% of the area median income (AMI), with 20% of the units having a 60% AMI requirement. The borrowers will use this financing to pay off existing rehabilitation loans, which were used to substantially upgrade the apartment communities.
“We are immensely grateful to Dan Baker and his team at BWE for their invaluable support in securing financing for our properties in St. Louis. Dan’s strategic insight and tireless efforts played a pivotal role in securing favorable terms in this challenging lending environment. BWE’s commitment to excellence and client satisfaction truly sets them apart in the industry, and we are honored to have the opportunity to work with them. We are dedicated to furthering our growth in St. Louis, actively seeking opportunities to acquire additional communities in need of renovation, so that we may provide affordable, quality housing options to our residents.”
