ASHEVILLE, N.C.; STARKVILLE, Miss.; CHESAPEAKE, Va.; and HOUSTON and BUDA, Texas — BWE has closed five loan deals totaling over $65 million to refinance and renovate affordable housing properties in North Carolina, Virginia, Mississippi and Texas.
Jon Killough and John Roberts originated the loans on behalf of multiple borrowers.
The loans include:
- Battery Park Senior Apartments in Asheville received a $17.6 million Freddie Mac immediate tax-exempt loan and a $2.4 million gap loan originated on behalf of National Church Residences to refinance the 122-unit affordable seniors mid-rise housing development. The building rises 14 stories. As part of the recapitalization of the property, an allocation of new 4 percent Low Income Housing Tax Credits (LIHTCs) was secured through the North Carolina Federal Tax Reform Allocation Committee. All units are designated for residents earning up to 60 percent 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 in Starkville received a $10.6 million HUD 221(d)(4) loan originated on behalf of Triangle Development Co. to rehabilitate the 120-unit affordable garden-style apartment complex. As part of the recapitalization of the property, short-term, tax-exempt bonds and an allocation of new 4 percent LIHTCs were secured through the Mississippi Home Corp. All units are designated for residents earning up to 60 percent 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 in Chesapeake received a $14 million HUD 221(d)(4) loan originated on behalf of Envolve Communities to rehabilitate the 120-unit affordable garden-style apartment complex. Short-term, tax-exempt bonds and an allocation of new 4 percent LIHTCs were secured through the Virginia Housing Development Authority. All units are designated for residents earning up to 60 percent 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 in Houston received a $7.2 million Freddie Mac 9 percent 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. An allocation of new 9 percent LIHTCs was secured through the Texas Department of Housing and Community Affairs. 18 units will be affordable to residents earning up to 30 percent AMI, 69 units will be affordable for those earning up to 50 percent AMI, and the remaining 85 units will be affordable to residents earning up to 60 percent AMI. The loan includes a 15-year, fixed-rate term with a 40-year amortization.
- Tuscany Park Apartment Homes in Buda received a $14.3 million 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. 18 units are affordable to tenants earning at or below 30 percent AMI, 10 units are affordable to those earning at or below 50 percent AMI, and 142 units are affordable to those earning at or below 60 percent AMI. The loan has a five-year capped variable rate term with five years of interest-only payments.
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