BWE, a national commercial and multifamily mortgage banking company, announced it has secured $19,750,000 in acquisition financing for a 326-unit low-rise apartment portfolio in Clinton Township, Michigan, part of the Detroit metropolitan area.
Adam Gould, senior vice president in BWE’s Detroit office, originated the three-year, value-add, non-recourse bridge loan with three years of interest-only payments and a 75% loan-to-cost ratio on behalf of the buyer, a regional fund that invests in workforce housing.
“In this tough economic environment, we knew that working fast and closing this deal quickly was of paramount importance, so we leveraged our deep knowledge of the Southeast Michigan market and BWE’s comprehensive suite of lending products to find a capital solution that fit with the long-term business goals of our client,” said Gould. “As the housing affordability crisis continues, we’re proud to help secure much-needed financing so that these properties can continue to serve hard-working Michigan residents.”
BWE stands as a national, full-service commercial and multifamily mortgage banking company committed to elevating real estate financing. Putting clients’ goals first, our experienced and trusted advisors offer comprehensive capital solutions by combining enduring debt and equity relationships with unparalleled local market insights across our 40+ offices and national servicing platform.