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Over $65M in Capital Secured to Renovate and Preserve Affordable & Seniors Housing Across South

Updated: Aug 10, 2023

BWE, a national commercial and multifamily mortgage banking company, announced today the closing of five loans totaling over $65 million to refinance and renovate affordable housing properties in North Carolina, Virginia, Mississippi, and Texas.


Jon Killough, Executive Vice President in BWE’s Alabama office, and John Roberts, Vice President in the firm’s Dallas, TX, office, originated the loans on behalf of the borrowers.


“The affordable housing crisis touches every community in America, and it’s essential that we continue to finance developments across the South to ensure that everyone has access to a safe and affordable home,” said Killough. “BWE is committed to working with partners across the country to deliver quality homes that working families and seniors can afford.”





The five properties are:

Battery Park Senior Apartments (Asheville, NC), a $17,641,000 Freddie Mac immediate tax-exempt loan and a $2,359,000 gap loan originated on behalf of National Church Residences to refinance the 122-unit affordable seniors mid-rise housing development. The property is handicap-accessible, includes an elevator, and consists of one 14-story building with 113 one-bedroom units, nine two-bedroom units, and four commercial spaces. As part of the recapitalization of the property, an allocation of new 4% Low Income Housing Tax Credits (LIHTCs) was secured through the North Carolina Federal Tax Reform Allocation Committee (via NCHFA). All units are designated for residents earning up to 60% of the area median income (AMI). The tax-exempt loan has a 16-year fixed rate term and a 40-year amortization.


Brookville Gardens Apartments (Starkville, MS), a $10,567,200 HUD 221(d)(4) loan originated on behalf of Triangle Development Company to substantially rehabilitate the 120-unit affordable garden-style apartment complex. The renovation will add dishwashers, garbage disposals, microwaves, and vinyl plank flooring to each unit. Common area amenities include a clubhouse with a central laundry facility, maintenance shop, and kitchen. As part of the recapitalization of the property, short-term, tax-exempt bonds and an allocation of new 4% LIHTCs were secured through the Mississippi Home Corporation. All units are designated for residents earning up to 60% AMI and are covered by Section 8 Project Based Rental Assistance. The loan includes a 40-year fixed rate term with interest-only payments during the rehabilitation period and a 40-year amortization.


Mill Creek Apartments (Chesapeake, VA), a $13,960,000 HUD 221(d)(4) loan originated on behalf of Envolve Communities to substantially rehabilitate the 120-unit affordable garden-style apartment complex. Common area amenities include central laundry, clubhouse with community room, fitness center with pool, on-site management, and parking. The planned renovation of the property includes new building signage, plumbing upgrades, landscaping, and unit refurbishing. Short-term, tax-exempt bonds and an allocation of new 4% LIHTCs were secured through the Virginia Housing Development Authority. All units are designated for residents earning up to 60% AMI. The loan consists of a 40-year fixed rate term with interest-only payments during the rehabilitation period and a 40-year amortization.


Coral Hills Apartments (Houston, TX), a $7,150,000 Freddie Mac 9% LIHTC Forward loan originated on behalf of Envolve Communities to refinance and preserve the 172-unit affordable garden-style apartment complex. The community consists of 16 residential buildings and offers two swimming pools, a courtyard, gazebo, carports, laundry facility, and on-site maintenance. An allocation of new 9% LIHTCs was secured through the Texas Department of Housing and Community Affairs. 18 units will be affordable to residents earning up to 30% AMI, 69 units will be affordable for those earning up to 50% AMI, and the remaining 85 units will be affordable to residents earning up to 60% AMI. The loan includes a 15-year fixed rate term with a 40-year amortization.


Tuscany Park Apartment Homes (Buda, TX), a $14,310,000 addition to an existing Freddie Mac TLC originated on behalf of Envolve Communities to finance the acquisition of the 176-unit affordable garden-style apartment complex. The property includes 14 residential buildings, one leasing office clubhouse, and six detached garage buildings. Amenities include a laundry room, community room, playground area, exercise room, and swimming pool. 18 units are affordable to tenants earning at or below 30% AMI, 10 units are affordable to those earning at or below 50% AMI, and 142 units are affordable to those earning at or below 60% AMI. The loan has a five-year capped variable rate term with five years of interest-only payments.


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/.

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