BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $31,000,000 loan to finance the construction of Imperium Suwanee, a 212-unit Class A multifamily development in Suwanee, Georgia, part of the Atlanta metropolitan area.
Thomas Wiedeman, senior vice president in BWE’s Atlanta office, originated the construction loan from two community bank lenders on behalf of the borrower, Imperium Development, a repeat client of BWE. He was supported by a team that includes Alan Tapie, executive vice president, Brad Walker, senior vice president, and Hanley Long, production analyst.
“The persistent shortage of construction loan capacity among commercial banks has led to a decline in multifamily construction starts in Atlanta, reaching their lowest level in the past four years. However, amidst this challenging environment, top-tier developers, such as Imperium Development, who have robust capital partners capable of financing their projects will enjoy a significant advantage. They will deliver completed projects to the market with minimal competition from new supply. Leveraging our extensive relationships with local capital sources, we successfully facilitated financing by engaging two banks to partner on the transaction,” explained Wiedeman.
Imperium Suwanee will feature a deluxe suite of luxury amenities, such as a 24-hour fitness center, rooftop terrace clubhouse with catering kitchen, EV charging stations, cybercafé with gourmet coffee bar, resort-style pool with cabanas and hammocks, outdoor kitchen and bar, bike storage and repair station, landscaped courtyards with fire pit and grilling stations, dog spa, and a business center with a conference room.
Suwanee, a suburb in fast-growing Gwinnett County, is one of the region’s most desirable locations for families to live and work. The area is noted for its access to job opportunities, quality education, and recreational attractions. Suwanee’s proximity to a major highway means residents are less than an hour away from downtown Atlanta and all the amenities it has to offer.
Imperium Suwanee is the second multifamily development that Imperium has undertaken with the support of BWE’s mortgage banking expertise this year. In January, the two companies announced the construction of Imperium Oakwood, a 229-unit Class A multifamily development in Oakwood, Georgia.
