BWE, a national commercial and multifamily mortgage banking company, announced the closing of a $34,057,000 loan to refinance Bristol Park at Riverchase, a 300-unit apartment complex in Madison, Tennessee, part of the Nashville metropolitan area.
Charles DuBose, senior vice president in BWE’s Richmond, Virginia, office, and David Foulk, senior vice president in the DC office, originated the financing from Fannie Mae on behalf of GrayCo, a real estate investment firm focused on the multifamily sector in the Southeast. The loan has a seven-year term and interest-only payments for the life of the loan.
“In this uncertain economic environment, GrayCo, a longtime client, wanted to take advantage of a dip in interest rates to get out from underneath a floating rate loan and lock in cheaper, fixed-rate financing, as well as recapture a significant amount of equity they had tied up in this asset. Working with Fannie Mae, we were able to accomplish both of these goals, while at the same time providing a smooth and fluid closing process, which included an early rate lock,” said DuBose.
Bristol Park Apartments offer residents a wide variety of luxury amenities, including a fitness center, sand volleyball court, pool, business center, pet play area, and more. The property includes a mix of one-, two-, and three-bedroom units, and the apartments have amenities including built-in home offices, central heating and air, fireplaces, attached garages, and fully loaded kitchens.
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.
