BWE, a national commercial and multifamily mortgage banking company, today announced the closing of a $6,347,100 loan to provide construction and permanent financing for 43 Green II, the second building in the 43 Green complex, a mixed-used, mixed-income community in the Bronzeville neighborhood of Chicago. Phase I of the project, a 90-unit residential building, was completed in June 2023.
Victor Agusta, Jr., Executive Vice President in BWE’s Raleigh, NC office, originated the FHA 221(d)(4) loan on behalf of The Habitat Company and P3 Markets.
“Projects like 43 Green, which deliver high-quality, transit-oriented mixed-income housing, are key to solving Chicago's ongoing affordability crisis. We're proud to partner with The Habitat Company and P3 Markets to help bring this development to fruition," said Agusta. “BWE will continue to work with partners in the Midwest and beyond to bring financing to transformative projects like this.”
Located at 4307 S. Prairie Avenue, Phase II of 43 Green is a 10-story mixed-income community that comprises 80 units, with eight units affordable to residents earning up to 50% of the area median income (AMI), 33 units affordable to residents earning up to 60% AMI, and 39 market rate units. Amenities available to residents include a fitness center and a community room.
Built in proximity to the Green Line rapid transit route, 43 Green is set to be the first equitable transit-oriented development on Chicago’s South Side, which will give residents easy access to other parts of the city. The first floor of the development will also feature retail space that serves community-oriented businesses.
Minority-owned firms are actively participating in the deal, with P3 Markets acting as the developer and Bowa Construction serving as the community’s general contractor. The loan for 43 Green II has a 40-year term with a 40-year amortization.
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.