BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $103,000,000 Fannie Mae Multifamily credit facility execution to finance three market-rate housing developments: The Murray in Summerville, South Carolina; 1505 Demonbreun in Nashville, Tennessee; and 131 Ponce in Atlanta, Georgia.
J. Tyler Blue, executive vice president, Paul Wallace, senior vice president, and Ty Blue, vice president, all from BWE’s Washington, DC, office, originated the financing on behalf of FCA Partners, a real estate investment management company based out of Charlotte. The loans in the facility have five-year terms and are full-term interest only. By utilizing the Fannie Mae credit facility, the borrower was able to secure a competitive rate and can substitute, add, or remove properties from the credit facility, offering them unmatched flexibility as they continue to shape their market-rate housing portfolio.
“The Fannie Mae credit facility is a powerful tool that offers borrowers, especially institutional owners, the ability to add or sell properties from their portfolio while still maintaining the facility. When our partners at FCA approached us about financing these properties, we knew the credit facility was the right execution, as it gave them favorable loan terms for their current portfolio while giving them the flexibility to sell, release, or add properties,” said J. Tyler Blue. “At BWE, we’re committed to using our multiple lending sources to ensure our clients have the right financing to execute on their long-term business plans.”
The Murray (pictured above), located at 500 Lama Drive in Summerville, is a 345-unit, mid-rise property constructed in 2021. It consists of seven residential buildings and one clubhouse building which range in size from two to four stories.
