MBA Newslink: Dealmaker: BWE Closes $104 Million in Multifamily
Dan Rosenberg, executive vice president in BWE’s Chicago office, originated the loan for Avra West Loop, a luxury complex in Chicago. Adam Bieber, senior vice president in BWE’s Washington, D.C. office, originated the loan for The Lofts at Wildlight, a multifamily community in near Jacksonville.
The properties are:
Avra West Loop, a $55 million life company refinancing for a newly constructed, 198-unit luxury apartment complex located at 1125 W Van Buren Street in Chicago. Avra offers studio, one-, two- and three-bedroom units, all of which feature keyless entry, high ceilings, floor-to-ceiling windows, wide-plank flooring and smart thermostats. Building amenities include a 24-hour fitness center, coworking spaces and a wrap-around rooftop terrace with panoramic city views. The fixed rate, interest-only loan was originated on behalf of the borrower, Tandem, to pay off an existing construction loan at a competitive interest rate.
The Lofts at Wildlight, a $49,000,000 credit union permanent refinancing for a recently constructed 279-unit resort-style multifamily community located at 125 Daydream Avenue in Yulee. The community consists of five class A garden apartment buildings, offering one-, two- and three-bedroom units. Amenities include a pool with sundeck, a 24-hour fitness center, outdoor dining spaces and modern finishes throughout.
The property, a part of the master-planned Wildlight community, is situated near desirable shopping, dining and entertainment options, as well as highways A1A and I-95. The loan was originated on behalf of the borrower, RAS Realty Partners and includes an early rate lock, earn-out and a flexible prepayment structure.
Read the full story on MBA Newslink here.
Avra West Loop, Chicago.