BWE Secures $22M to Preserve Orchard Park Apartments in Oregon

BWE, a national commercial and multifamily mortgage banking company, has secured a $21.8 million bridge loan to acquire and preserve Orchard Park Apartments, a 224-unit affordable housing complex in Salem, Oregon. The transaction was executed using BWE’s new Bridge Loan to Bond Purchase product.

Executive Vice President and Director Jim Gillespie, along with Vice President Ilya Weinstein, arranged the financing. The new Bridge Loan to Bond Purchase product allows developers to acquire and preserve affordable housing properties that will be recapitalized with 4% LIHTCs and tax-exempt bonds.

“Orchard Park is a perfect example of how this new product can be utilized to preserve affordable housing,” said Weinstein. A major advantage of the product is that the facility can be prepaid at any time, without penalty, if the 4% LIHTC bond transaction is financed via a BWE Bond Purchase execution.