BWE, a national commercial and multifamily mortgage banking company, announced that it has secured $39,042,000 in loans to refinance a six-property affordable housing portfolio. The communities are located in New Hope, Bloomington, and St. Paul, Minnesota.
The combined properties have 529 total units, with 100% of those units reserved for tenants earning up to 60% of the area median income.
Victor Agusta, Jr., executive vice president in BWE’s Raleigh office, originated the Freddie Mac loans on behalf of Aeon, a Twin Cities-based nonprofit organization that builds and sustains affordable housing developments.
“When we were analyzing the portfolio of maturing loans, we recognized that we would need to leverage the stronger performing properties to help right-size the debt on the poorer performing properties to help the sponsor. Through this approach, we were able to fund necessary repairs for all the properties while improving the cash flow performance for the properties that needed it,” said Agusta. “BWE is proud to provide creative financing solutions to our clients who work diligently to maintain our country’s critically important affordable housing supply.”
The six properties in the Affordable Housing Portfolio are:
- Bass Lake Crossing (New Hope, MN): an $8,714,000 Freddie Mac loan for the 140-unit affordable multifamily property. Community amenities include a parking garage, laundry facilities, off-street parking, storage units, and public transportation.
- Kings Manor (New Hope, MN): a $5,830,000 Freddie Mac loan for the 87-unit affordable multifamily property. Community amenities include a parking garage, laundry facilities, picnic areas with grills, public transportation, and storage units.
- Cedar Gate (Bloomington, MN): a $4,350,000 Freddie Mac loan 48-unit affordable multifamily property. Community amenities include pet-friendly accommodations, detached garage, controlled access, laundry facilities, high-speed internet, off-street parking, and public transportation nearby.
- Cedar Glen (Bloomington, MN): a $5,285,000 Freddie Mac loan for the 64-unit affordable multifamily property. Community amenities include pet-friendly accommodations, detached garage, controlled access, laundry facilities, high-speed internet, off-street parking, and public transportation nearby.
- Metropolitan Towers (Bloomington, MN): a $10,383,000 Freddie Mac loan for the 108-unit affordable multifamily property. Community amenities include a courtyard, detached garage, high-speed internet, off-street parking, laundry facilities, controlled access, public transportation.
- Larpenteur Villa (St. Paul, MN): a $4,480,000 Freddie Mac loan for the 82-unit affordable multifamily property. Community amenities include laundry facilities, community garden, controlled access, garage, public transportation, storage units, and a smoke-free environment.
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.
