BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $32,293,800 loan to refinance Greystone at Mulberry Grove, a 222-unit Class A multifamily development in Fortson, Georgia, part of the Columbus metropolitan area.
Paul Harbor, senior vice president in BWE’s Birmingham office, originated the HUD 223(f) loan on behalf of the borrower, a Georgia-based developer who is repeat client of BWE and Mr. Harbor. He was supported by a team that includes assistant vice president Caleb Carter and analysts Libby Davis and Maria Sealy. The loan’s terms include a very competitive interest rate, a 35-year term and amortization, and a debt service coverage ratio of 1.15. The transaction represents Harbor’s tenth closed deal with the client.
“When we were approached by a long-term client to help find the right financing terms for Greystone at Mulberry Grove, we knew we could utilize HUD’s Green certification to lower the loan’s mortgage insurance premium because of our client’s commitment to installing environmentally friendly amenities like electric vehicle charging stations,” said Harbor. “BWE continues to creatively utilize all the capital solutions at our disposal to support our clients in the multifamily housing space across the country.”
Greystone at Mulberry Grove features luxury community amenities including a clubhouse and leasing office, fitness center, laundry room, package room, media room, billiard room, business center, demonstration kitchen, swimming pool with sundeck, outdoor pavilion with kitchen, car wash, dog park and spa, bike racks, community garden, and ample parking. Unit amenities include stainless-steel appliances, luxury hardwood-style flooring, smart thermostats, quartz countertops, spacious walk-in closets, custom cabinetry, and washer/dryer connections.
Fortson, a suburb situated 11 miles north of Columbus, is well-located along interstate highways, allowing residents easy access to the retail amenities and other services in the growing Columbus metropolitan area.
