CULVER CITY, Calif.; NORTH ATTELBORO, Mass.; EAST CANTON, Ohio; and VERO BEACH, Fla. — BWE has arranged four financing transactions totaling over $26 million to refinance, build and preserve four seniors and affordable housing properties.
In the first transaction, BWE arranged an $11 million refinancing for Palm Court Senior Independent Living in Culver City. The property is a 99-unit, age-restricted apartment complex. Max Sauerman originated the loan on behalf of Goldrich and Kest. The apartment building was completed in 1991.
In the second transaction, BWE arranged a $13.2 million acquisition loan for Branches of North Attleboro. The financing is a fixed-rate, nonrecourse Freddie Mac loan with a five-year term. The property is a 104-unit assisted living and memory care community. Mokris and Ryan Stoll originated the loans on behalf of the borrower, one of the top institutional owners of seniors housing in the country. The operator is Benchmark Senior Living.
In the third transaction, BWE arranged $1.1 million in construction financing for HOPE Senior Village in East Canton, a 40-unit affordable seniors housing development. Bob Morton originated the loan, which has a 40-year, fixed-rate term and a 40-year amortization period. The development consists of eight buildings, each containing five one- and two-bedroom units. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits.
In the final trenacation, BWE arranged $1.7 million in permanent financing for Amelia Village in Vero Beach, a 50-unit existing rural development, Section 515 seniors housing property. Bob Morton and Jon Killough originated the loan, which has a 40-year, fixed-rate term and a 40-year amortization period. The community features 20 one-bedroom and 30 two-bedroom units. Additional financing was secured through the use of 9 percent Low-Income Housing Tax Credits.