BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $19,800,000 loan to refinance Lanesborough, a 99% occupied, 208-unit, garden-style multifamily development in Farragut, Tennessee, a suburb of Knoxville.
Paul Harbor, vice president in BWE’s Birmingham, Alabama office, originated the Fannie Mae loan on behalf of the borrower, a repeat client. He was supported by production analysts JR Bertram, Libby Davis, and John R. Segrest.
“When approached by a longtime client to help refinance Lanesborough, we sourced options from across the life company and agency spectrum in order to get them the best possible loan terms to fit their business plan,” said Harbor. “It was clear that Fannie Mae offered the most competitive terms, and BWE’s top-notch servicing department was able to negotiate a 30-day pay window for the client, which saved them tens of thousands of dollars.”
The property’s amenities include an expansive resort-style pool, spa, clubhouse with a business center and executive room, community pond, fitness center, car wash station, garage parking, storage space, gated access, as well as basketball, volleyball, and tennis courts.
Located just off a major Farragut roadway and Interstate 40, Lanesborough provides residents with convenient access to grocers, restaurants, and retail centers. The deal is the sixth that Harbor has closed in the Knoxville and Nashville areas in recent months, as well as the 30th deal with this client.
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.
