BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $260,000,000 loan to refinance a national multifamily portfolio of six multifamily properties consisting of over 1,500 units in Austin, TX, Portland, OR, Charlotte, NC, and Denver, CO metro areas.
Stephen Perricone, senior vice president in BWE’s Philadelphia office, originated the loan through Northwestern Mutual on behalf of a top-tier institutional sponsor. The five-year loan, which has a 5.07% interest rate, full-term interest only payments, and a 55% LTV ratio, was secured with release provisions for each individual property in case an asset is sold in the future. Five portions of the loan, totaling $210,500,000, have closed, with a rate-locked forwarded commitment for the remainder scheduled to close in the first quarter of 2025.
“Knowing that this portfolio had pending maturities and that the market has been volatile, we began underwriting this deal early in the year so we could be proactive to changes in the market. By leveraging a trough in the treasury market, we were able to secure a very favorable rate on the loan, even locking-in a forward commitment on a portion of it that would fund in 2025 so that the client could let an existing, favorable rate loan mature before taking out new financing,” said Perricone. “BWE is proud to help clients across the country creatively structure the financing of their portfolios so they can continue to execute on their long-term business plans.”
The six properties in the national multifamily portfolio, all stabilized, Class A buildings, are:
- Skyhouse Austin (Austin)
- The Addison Apartments (Austin)
- Victory Flats (Beaverton/Portland)
- The Encore Southpark (Charlotte)
- Hartley Flats (Denver)
- Studio LoHi (Denver)
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.
