BWE Secures Over $32M for Affordable Housing in Indiana and North Carolina Including The Gaston at North End in Charlotte

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The Gaston at North End
The Gaston at North End is a four-story apartment building replacing functionally obsolete housing on the site, will consist of 67 one-, 50 two-, and 27 three-bedroom units, all of which will be reserved for tenants that earn up to 30%, 50%, 60% and 80% AMI. Unit amenities will include an electric oven/range combination, garbage disposal, dishwasher, refrigerator/freezer, and washer/dryer connections. Residents will have access to amenities such as a lobby, elevator, offices and workroom, resident lounge, cybercafé, fitness center, storage units, mail room, restrooms, and elevators.

BWE, a national commercial and multifamily mortgage banking company, announced the closing of three financings totaling over $32 million for the construction and substantial rehabilitation of multifamily affordable housing properties in Arcadia, Fowler, and Rensselaer, Indiana, and Charlotte, North Carolina. The three properties are Hamilton Place, Madison Cottages, and The Gaston at North End.

“Now, more than ever, the need for quality affordable housing is extremely pronounced,” said Bob Morton, Director of RHS Programs in BWE’s LaPorte, Indiana office. “At BWE, we continue to leverage our comprehensive suite of capital solutions to deliver much-need financing for our partners working to develop and improve the country’s supply of affordable housing.”

  • Hamilton Place (Arcadia, IN), a $6,262,580 USDA RHS 538 GRRHP loan to provide construction and permanent financing for the renovation of a 54-unit multifamily housing project. Lundat Kassa, vice president in BWE’s Washington, D.C. office, and Bob Morton originated the loan with a 38-year term and 40-year amortization.
Hamilton Place
The property’s 54 units are spread across three single-story garden homes, two two-story townhomes, and one apartment building, which are all set to be renovated. It contains six one-, 27 two-, 15 three-, and six four-bedroom units that will be affordable for tenants earning up to 60% of the area median income (AMI). Renovated amenities will include the community room, computer center, playground, basketball court, exercise room, and walking path. The project received additional financing through the use of 9% Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.
  • Madison Cottages (Fowler, IN and Rensselaer, IN), a $10,834,990 USDA RHS 538 GRRHP loan to provide permanent financing for the renovation of two multifamily housing projects totaling 132 units.
Madison Cottages
Lundat Kassa and Bob Morton originated the loan with a 40-year term and amortization. Madison Cottages of Benton County, located in Fowler, Indiana, contains 61 units across eight residential buildings and features a clubhouse. The property’s 22 one-, 20 two-, and 19 three-bedroom units will be affordable for tenants earning up to 60% AMI. Madison Cottage of Rensselaer contains 71 units across 12 residential buildings and also features a clubhouse. The property’s 14 one-, 34 two-, and 23 three-bedroom units will be affordable for tenants earning 60% of AMI. The project received additional financing through the use of 4% Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.
  • The Gaston at North End (Charlotte, NC), a $15,036,000 Freddie Mac Targeted Affordable Housing forward loan to provide construction financing for a 144-unit affordable rental apartment community. Victor Agusta, Jr., executive vice president in BWE’s Raleigh office, originated the loan with 17-year term and a 35-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.

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