BWE Refinances Nine Multifamily Buildings in LA County
2020-04-27
BWE Closes $108 Million FNMA Credit Facility for High-Quality Apartment Portfolio in California Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $108,374,000 refinancing of nine top-quality multifamily buildings, totaling 400 units, located in prime Los Angeles neighborhoods. The properties were refinanced with a FNMA Credit Facility.
Jason Krupoff, senior vice president in BWE’s Irvine, CA office, originated the loan on behalf of the borrower, Redwood Urban.
“BWE has a strong relationship with Redwood Urban, and we were thrilled to be able to work with them again on this truly impressive urban portfolio in California,” said Krupoff.
“Building on our relationships with Redwood Urban and Fannie, we were pleased to secure financing for these excellent communities.”
“BWE and FNMA delivered for us again,” said Scott McCarter, Principal of Redwood Urban. “We’ve now financed fourteen assets with Jason Krupoff and BWE/FNMA. We look forward to working together to expand the Redwood Urban portfolio using the many features of this unique FNMA Credit Facility.”
The properties in Hollywood, located at 1820 Whitley Avenue; 1837 Whitley Avenue; 1912 Whitley Avenue; 1823 Grace Avenue; 6600 Yucca Street, and 6651 Franklin Ave, comprise 267 units total. The properties are all within walking distance to Hollywood’s numerous amenities and the booming media content-creation employment center.
The properties located in the Beverly Hills-area, located at 9152 Alden Way and 8600 Burton Way, comprise 29 units total. Both properties provide residents with ultra-high-end finishes, in-unit laundry, marble countertops, and garage parking.
210 Third Lofts, located at 210 Third Avenue and 225 Long Beach Boulevard in Long Beach, comprises 104 units. The property includes a rooftop pool and spa, business center, gym, and garage parking.
Resident amenities include private balconies, in-unit laundry, updated appliances and gas stoves. The property also includes 15,000 square feet of ground floor retail space along the pedestrian-only Promenade.
The Fannie Mae Credit Facility includes full-term, interest-only financing.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate.
BWE is a national, full-service commercial and multifamily mortgage banking company. As a subsidiary of Enterprise Community Investment, Bellwether Enterprise has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. Bellwether Enterprise provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.
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Redwood Urban Long Beach Property