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.