BWE announced today the closing of three loan deals totaling more than $30 million to finance an affordable housing renovation in Washington, DC, a new mixed-income property in Columbus, GA and a newly constructed affordable housing property in the Bronx, NY.
Victor Agusta, Executive Vice President in BWE’s Raleigh, NC, office, originated the Washington, DC, deal, Jon Killough, Executive Vice President in the Montgomery, AL, office, and John Roberts, Vice President in the firm’s Dallas, TX, office, originated the Columbus deal and Jim Gillespie, Executive Vice President in BWE’s New York office, originated the Bronx deal.
“As housing costs continue to rise, BWE is proud to help finance properties that will provide lower-income families with safe, quality and affordable homes,” said Kamara Green, BWE’s incoming National Director of Affordable Housing Production. “We look forward to continuing to build our long-term relationships with our partners in the creation and preservation of much-needed affordable housing in communities across the country.”
The three properties are:
Mass Place (1111 Massachusetts Avenue NW, Washington, DC), a $16,000,000 Fannie Mae loan originated on behalf of the borrower, National Housing Trust, to finance the renovation and preservation of a 160-unit affordable housing development in the heart of Washington, DC. The homes will be affordable to families making 60% or less of the area median income (AMI). The loan has an 18-year term with a 35-year amortization and was executed as a Fannie Mae M.TEB to lock in the interest rate at construction closing. BWE also previously provided a bridge loan for the acquisition of the property.
Harper Woods (6050 Warm Springs Road, Columbus, GA), a $2,700,000 Freddie Mac loan originated on behalf of the sponsor, TBG Residential, to finance newly constructed, multifamily workforce housing. The property consists of a clubhouse and six residential buildings that provide 86 affordable homes to families earning below 60% AMI. It also includes 10 market rate homes. Amenities include a playground, community garden, fitness center and community laundry. BWE sourced the Freddie Mac loan after retiring a construction loan. The loan has a 15-year fixed-rate term with three years of interest payments and a 35-year amortization.
Bronxview at Serviam (2885 Marion Avenue, Bronx, NY), a $11,750,000 Freddie Mac loan originated on behalf of the borrower, Fordham Bedford Housing Corporation, to finance a newly constructed affordable housing property. The development includes 26 one-bedroom, 66 two-bedroom and 22 three-bedroom apartments in an eight-story, mixed-income building. A community service facility will provide childcare for the surrounding neighborhood. At the construction loan closing in 2018, BWE provided a Freddie Mac 9% Low Income Housing Tax Credit Forward Commitment. Upon completion and stabilization of the property in October 2022, BWE funded the Freddie Mac 30-year permanent taxable mortgage, allowing for the repayment of the construction loan.