BWE Affordable Team Closes 4 Fannie Mae MTEB transactions in challenging first half of 2022
BWE Affordable Housing origination team of Jon Killough and John Roberts closed 4 Fannie Mae MBS as Tax-Exempt Bond Collateral (MTEB) transactions in the first half of 2022. The team worked closely with their experienced borrowers in a very challenging interest rate environment, coupled with rising construction costs, to help their borrowers secure over $60 million of MTEB loans. These loans will build or preserve 682 units of affordable housing in Alabama, Georgia, South Carolina and Texas, with total development cost in excess of $125 million. The markets included large MSA’s Atlanta, Georgia, and Dallas, TX, but also included tourism-driven markets like Gulf Shores, AL.
“So far this year, our customers have faced volatility in construction pricing and interest rates on a weekly basis. Thankfully, our developer partners have been very nimble and resourceful in finding ways to keep their deals alive, and the MTEBs execution has been a good permanent debt option to get deals closed,” said Jon Killough, Executive Vice President, and Senior Originator at BWE.