Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, today announced the closing of a $26,661,800 loan to refinance Village Green, an assisted living and memory care community in Levittown, NY, part of the New York City metropolitan area.
Taylor Mokris, Senior Vice President of Seniors Housing and Care and Ryan Stoll, BWE’s National Director of Seniors Housing and Care, originated the loan through a regional bank on behalf of the borrower, a regional developer and owner of seniors and affordable housing.
“During one of the more turbulent lending environments in recent history, with rising interest rates, inflation and a banking crisis all impacting the liquidity of the seniors housing debt market, we are proud that this deal will enable our client to continue to execute their business plan, ultimately serving the care needs of their residents and families,” said Mokris. “We look forward to our continued work with borrowers and lenders to help find creative capital solutions to meet a growing need for seniors housing and care.”
The BWE Seniors Housing and Care team was able to run a competitive process and source multiple bank quotes on behalf of their client to secure the strongest possible terms. The loan includes a three-year term with a 30-year amortization, as well as 24 months of interest-only payments and a sub-300 loan spread. BWE placed the loan with a top-40 regional bank with a national focus on seniors housing, which helped establish a new strategic banking relationship for the client.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.
BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE 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. BWE 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.