BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $22,300,000 loan to finance the construction of the Maynard Road “Marigold” Apartments, a new 126-unit affordable and market-rate multifamily development on Maynard Road in Cary, North Carolina, just outside of Raleigh.
Victor Agusta, Jr., Executive Vice President in BWE’s Raleigh office, originated the FHA first mortgage loan on behalf of the sponsor. In order to execute the deal, BWE and the sponsor developer, Laurel Street, worked closely with Cary to secure a generous ground lease for the property, as well as with Wake County to provide an additional $1,690,000 in financing.
“This is a unique and important development for Cary, which is in particular need of new affordable housing supply. Enabled by a robust partnership with the county and local governments, we were able to leverage the Department of Housing and Urban Development’s Green MIP program to underwrite this transaction at market rate. These programs and partnerships allowed us to finance the development without Low Income Housing Tax Credits, a significant achievement in the financing of affordable housing,” said Agusta. “BWE is proud to work with both public and private partners to deliver crucial new affordable housing developments for communities nationwide.”
Located along a greenway, Marigold Apartments will consist of a four-story building containing a mix of one-, two- and three-bedroom units as well as a new public road and greenway. Of the total 126 units, seven will be designated as accessible units, and three will be designated as hearing impaired accessible. 64 units will be designated as affordable and workforce housing for residents earning at or below 30%, 50% and 80% of the area median income, while the remaining 62 units are set to be available at the market rate.
“Cary is excited to partner with BWE and Laurel Street to create critical housing opportunities on town-owned land in this incredible location near transit, schools and jobs,” said Heather Whelehan, Cary’s Director of Housing and Community Partnerships. “This development reflects Cary’s commitment to housing and the environment with 42% of the site to remain wooded or as open green space with a new greenway connecting residents to downtown.”
Community amenities will include elevators, EV charging stations, co-working spaces, outdoor kitchen with gaming area, business center, clubhouse/community room, courtyard, exercise facility, onsite management, controlled access, video surveillance, and ample parking.
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.
