Stone Mountain: Jon Killough, executive vice president in BWE’s Alabama office, and John Roberts, vice president in BWE’s Dallas office, originated the loan. The property consists of one four-story residential building with 29 one-bedroom and 89 two-bedroom units. Community amenities include a computer center, picnic area with grills, covered drop-off area, elevator access, and ample parking. All of the building’s 118 units are designated for residents 55 years old and above who earn up to 60% of area median income (AMI). The project received additional financing through the use of 4% Low-Income Housing Tax Credits.
BWE, a national commercial and multifamily mortgage banking company, announced the closing of three financings totaling over $31 million to finance three multifamily affordable housing properties near Cincinnati, Atlanta, and Chicago.
“By leveraging our comprehensive suite of capital solutions and close working relationships with agency lenders, BWE is well-equipped to deliver great results for our clients across the spectrum of multifamily affordable assets,” said Victor Agusta, Jr., executive vice president in BWE’s Raleigh office. “As we continue to fight the housing crisis, BWE is committed to working with borrowers to develop and improve the country’s supply of quality affordable housing.”
The three properties are:
The Village at Stone Mountain (Stone Mountain, Georgia), (pictured above) a $8,350,000 Freddie Mac tax-exempt loan with a 15-year term to provide permanent financing for a newly constructed 118-unit, age-restricted affordable housing development.
Page Tower (Cincinnati, Ohio), a $14,500,000 fixed-rate Fannie Mae MAH loan for with a seven-year term to provide acquisition financing for a 169-unit apartment building.
Victor Agusta, Jr., executive vice president in BWE’s Raleigh office, originated the loan with 24 months of interest-only payments and a 35-year amortization. The 14-story high rise was built in 1971 and consists of 143 one-bedroom and 46 two-bedroom units. Unit amenities include either vinyl or carpeted flooring, wooden kitchen cabinets, laminate countertops, refrigerators, and electric stoves. Residents have access to amenities such as a community room, mail room, central laundry room. The building’s first floor features a controlled entryway, leasing office, security office, and 7,500 sq. ft. of commercial space. The property includes a 100% Section 8 HAP contract for four years.
Brookstone Apartments (Waukegan, Illinois), a $8,348,000 fixed-rate Fannie Mae MAH loan with a 10-year term to provide acquisition financing for 168-unit garden style apartment complex.
Adam Gould, senior vice president in BWE’s Detroit office, originated the loan, which has 36 months of interest-only payments and a 30-year amortization secured by a first lien. The property, constructed in 1986, consists of four three-story buildings which contain a total of 92 one-bedroom units and 76 two-bedroom units. Communal amenities include a playground, laundry room, controlled entryway, and ample parking. Of the 168 total units, 50 are reserved for residents earning up to 50% of AMI, and 110 are designated for residents earning up to 60% of AMI.
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.
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