BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $28,000,000 loan to refinance Riverview North, 240-unit, garden-style multifamily development in Chattanooga, Tennessee.
Jim Collins, executive vice president in BWE’s Knoxville, Tennessee office, originated the fixed-rate loan with two years of interest-only payments from Nationwide Life Insurance Co. on behalf of the Knoxville-based Dominion Group.
“When we were approached by our repeat client Dominion Group to secure refinancing for this historic Chattanooga landmark in the iconic Northshore area, we obtained the best possible terms that allowed the client secure a long-term, fixed-rate loan that will help them execute on their plans to make substantial renovations to the property,” said Collins. “BWE continues to deliver premium results by utilizing our comprehensive suite of capital solutions for our clients across the region and across the country.”
Riverview North, located at 700 Mansion Circle, contains a mix of 240 two- and three-bedroom units, which feature amenities including efficient appliances, air conditioning, carpeting, patio/balcony, washer/dryer hookup, and are cable ready. The property’s shared amenities include a pool, BBQ/picnic area, outdoor pavilion with grill and swings, clubhouse, on-site maintenance, and a planned state-of-the-art fitness center. Renovations to the property include new roofing, new laminate flooring, granite countertops, new cabinets, new appliances, new fixtures in the bathrooms, tile ceilings, and light fixtures.
