BWE Secures Financing for Midwest Affordable Housing Properties

BWE closed the three financings totaling over $31 million to finance three multifamily affordable housing properties, including two located in the Midwest.

The three properties are:

• Brookstone Apartments, a $8,348,000 fixed-rate Fannie Mae MAH loan with a 10-year term to provide acquisition financing for a 168-unit apartment complex in Waukegan, Illinois. Adam Gould, senior vice president in BWE’s Detroit office, originated the loan, which has 36 months of interest-only payments and a 30-year amortization secured by a first lien.
• Page Tower, a $14,500,000 fixed-rate Fannie Mae MAH loan with a seven-year term to provide acquisition financing for a 169-unit apartment building in Cincinnati, Ohio. Victor Agusta, Jr., executive vice president in BWE’s Raleigh office, originated the loan with 24 months of interest-only payments and a 35-year amortization.
• The Village at Stone Mountain is an $8,350,000 Freddie Mac tax-exempt loan with a 15-year term to provide permanent financing for a 118-unit affordable housing development in Stone Mountain, Georgia. Jon Killough, executive vice president in BWE’s Alabama office, and John Roberts, vice president in BWE’s Dallas office, originated the loan.

“As we continue to fight the housing crisis, BWE is committed to working with borrowers to develop and improve the country’s supply of quality affordable housing,” said Agusta, Jr.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!