Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of $104,000,000 in loans for two apartment properties comprising 477 luxury units in Chicago, IL and Yulee, FL.
Dan Rosenberg, executive vice president in BWE’s Chicago office, originated the loan for Avra West Loop, a luxury complex in Chicago, IL. Adam Bieber, senior vice president in BWE’s Washington, D.C. office, originated the loan for The Lofts at Wildlight, a multifamily community near Jacksonville, FL.
“From new, state-of-the-art apartment communities, to exceptionally renovated and maintained complexes, multifamily communities are the lifeblood of cities coast-to-coast,” said Rosenberg. “At BWE, we’re always excited to help our clients provide an excellent variety of multifamily living opportunities.”
“RAS continues to strongly perform on their investment strategy of acquiring and operating multifamily communities in their target markets,” said Bieber. “We are grateful for their trust and confidence, and look forward to continuing to serve our clients’ and their investors’ interests by structuring and executing on debt strategies that exceed their financing goals.”
The properties are:
- Avra West Loop (Chicago, IL), a $55,000,000 life company refinancing of Avra West Loop, a newly constructed, 198-unit luxury apartment complex located at 1125 W Van Buren Street. Avra offers studio, one-, two- and three-bedroom units, all of which feature keyless entry, high ceilings, floor-to-ceiling windows, wide-plank flooring and smart thermostats. Building amenities include a 24-hour fitness center, coworking spaces and a wrap-around rooftop terrace with panoramic city views. The fixed rate, interest-only loan was originated on behalf of the borrower, Tandem, to pay off an existing construction loan at a competitive interest rate.
- The Lofts at Wildlight (Yulee, Fl), a $49,000,000 credit union permanent refinancing for The Lofts at Wildlight, a recently constructed 279-unit resort-style multifamily community located at 125 Daydream Avenue. The community is comprised of five class A garden apartment buildings, offering one-, two- and three-bedroom units. Amenities include a pool with sundeck, a 24-hour fitness center, outdoor dining spaces and modern finishes throughout. The property, a part of the master-planned Wildlight community, is situated near desirable shopping, dining and entertainment options, as well as highways A1A and I-95. The loan was originated on behalf of the borrower, RAS Realty Partners and includes an early rate lock, earn-out and a flexible prepayment structure.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.