BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured joint venture equity and senior bank financing to finance the development of Hamlet Falling Creek, a 260-unit, build-to-rent apartment and townhome community in Midlothian, a suburb of Richmond, Virginia.
Adam Bieber, senior vice president in BWE’s Washington, DC, office, Alec Jenkins, vice president in the DC office, and Charles DuBose, senior vice president in the firm’s Richmond office, originated the financing on behalf of Middleburg Communities, a real estate investment and development firm that has been a longtime client of BWE. The equity investment was secured from an institutional investor, while the debt was sourced from Simmons Bank.
“In what remains a very difficult financing environment, both the lender and institutional investor recognized the strength of Middleburg’s plan for this development, and we at BWE were proud to help our longtime client secure the debt and equity capital they needed to continue their expansion of their Built-to-Rent platform,” said Bieber. “This marks our third BTR deal with Middleburg, including our second in Richmond, and we look forward to continuing to leverage our deep relationships with a variety of capital sources to ensure new developments like Hamlet Falling Creek can be capitalized.”
Strategically located in a rapidly growing corridor of central Virginia, Falling Creek is Middleburg’s second build-to-rent community in the Richmond suburbs. It will consist of 260 one-, two-, and three-bedroom homes spread across a 27-acre area. The homes will feature quartz countertops, in-home washers and dryers, and stainless-steel appliances. Residents will have access to a full package of luxury amenities at Falling Creek, including a pool, fitness center, and dog park.
“We’re grateful to our longtime partners at BWE for their continued support as we capitalize our development pipeline through these difficult market conditions,” said TJ Sedeski, vice president of direct investments at Middleburg. “Thanks especially to our debt and equity partners for their confidence in our firm’s capabilities.”