BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a combined $42,502,000 in loans to finance the construction of affordable and workforce housing developments in cities across Georgia, South Carolina, and Texas.
“Across the nation there is an imbalance of affordable housing, particularly for extremely low-income renters. This deficit is very real in both small and large MSAs, which makes the creation of new affordable housing more critical than ever,” said Killough. “BWE national affordable housing team continues to work tirelessly to deliver new affordable housing units nationwide, especially to underserved communities.”
The three properties are:
· The Simpson (Atlanta, GA), a $28,000,000 tax-exempt bond purchase during the construction period, which will convert to a $8,655,000 permanent loan with a 15-year term to finance a 139-unit, five-story, affordable apartment community. The development will contain a mix of 23 one-, 82 two-, and 34 three-bedroom units and feature a parking garage, controlled access, elevators, leasing office, laundry facility, fitness room, cyber lounge, meeting space, arts and crafts room, and a community room with outdoor balcony space. Out of the 139 total units, 39 will be restricted at or below 30% of the area median income (AMI), 56 will be restricted at 60% of AMI, and 44 will be set aside for those earning up to 80% of AMI. The transaction will be interest-only throughout the 21-month construction and stabilization period, followed by a 40-year amortization.
· Peaks of Lexington (Lexington, SC), a $5,200,000 Freddie Mac 9% Forward Commitment secured on behalf of Resource Housing Group to finance the construction of a 78-unit, 100% LIHTC restricted, garden-style apartment community. The property will contain six one-, 40 two-, and 32 three-bedroom units, and will include amenities such as a clubhouse, business center, fitness center, playground, and an on-site management office. Out of the 78 total units, 5 units will be restricted to residents earning up to 30% of AMI, 24 units will be set aside for residents earning up to 50% of AMI, and 49 units are marked for residents at 60% of AMI. As part of the recapitalization of the property, an allocation of new 9% LIHTCs was secured through SC Housing. The loan has a 15-year, fixed-rate term with a 40-year amortization.
· Heights at Crowley (Fort Worth, TX), a $9,302,000 Freddie Mac 9% Forward Commitment originated on behalf of Generation Housing Development to finance the construction of a 96-unit, 83% LIHTC restricted garden-style affordable apartment complex. The property will contain 12 one-, 48 two-, and 36 three-bedroom units, and amenities will include a clubhouse, swimming pool, office, daycare, playground, dog park, and a nature trail. Notably, a grant from Bezos Academy will fund a preschool to be operated in the complex’s clubhouse room. Of the 96 total units, 10 will be designated for residents earning up to 30% of AMI, 18 will be set aside for residents at 50% of AMI, 52 are marked for residents at 60% of AMI, and the remaining 16 are unrestricted units. As part of the capitalization of the property, an allocation of 9% LIHTCs was secured through the Texas Department of Housing and Community Affairs. The 15-year, fixed-rate loan has a 40-year amortization.
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.
