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BWE Secures $19M in Financing for Indiana Housing Properties
BWE, a national commercial and multifamily mortgage banking company, has secured $19,680,982 in financing to acquire and rehabilitate three affordable housing developments in rural Indiana.
Lundat Kassa, Vice President in BWE’s Washington, DC, office, and Bob Morton, Senior Vice President and Director of RHS Programs in BWE’s LaPorte, Indiana, office, originated the financing on behalf of Vita Investment Holdings LLC, an Indiana-based developer of affordable and seniors housing.
Financing came through two loans, including a construction loan sourced from Fifth Third Bank. BWE also secured a $17,097,570 loan through the USDA 538 Forward Permanent Loan program, which features a 40-year amortization period and a very competitive interest rate and is non-recourse to the borrower. Vita Investment also utilized 4% Low-Income Housing Tax Credits to finance the project.
“By tapping into our full suite of capital solutions, we found the right product for Vita Investment, allowing them to continue to execute on their business plan and preserve much-needed affordable housing in rural Indiana,” said Kassa.
