Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of five loans totaling $116,905,000 to finance two multifamily properties, one office portfolio and a mixed-use portfolio in Maryland and Florida.
Bobby Werhane, senior vice president in BWE’s Charlotte, NC office, originated the loans on behalf of two investment firms and a local construction company.
“At BWE, we pride ourselves on being able to support our clients across a wide range of needs,” said Werhane. “Our team’s most recent deals showcase our ability to offer clients a diversity of housing and commercial solutions, including mixed-use developments, standalone office buildings and spacious multifamily communities.”
The properties are:
- Kimaya Residential (Ocoee, FL), two loans totaling $57,855,000 for the financing of Kimaya Residential, an upcoming 232-unit build-to-rent townhouse community near Orlando. The townhomes will feature five unique floorplans of three- and four-bedroom units with attached garages. Community amenities will include a swimming pool, dog park, picnic pavilion and playground. The property’s two-part financing solution includes a non-recourse construction loan of $44,255,000 with a floating interest rate and a 65% loan-to-cost ratio. The second loan is an 85% last dollar exposure preferred equity construction loan of $13,600,000. Both loans were originated on behalf of the borrower, Park Square Homes.
- Savannah Place Apartments (Gainesville, FL), a $43,750,000 loan to finance the acquisition of a two-property build-to-rent multifamily portfolio totaling 344 townhouse units. The first property, Fairmont Oaks, comprises 178 units and is located at 316 SW 62nd Boulevard, Gainesville, FL. The second property, Hampton Oaks, comprises 166 units and is located at 124 SW 62nd Street, Gainesville, FL. Both properties contain three- and four-bedroom units. The loan, originated on behalf of the borrower, Peacock Capital, has a three-year, non-recourse floating interest and an 83% loan-to-cost ratio.
- Sabal Park Portfolio (Tampa, FL), a $9,300,000 permanent placement loan to refinance a two-building premium office portfolio. The two-story buildings, The Glass House and Skylight, are 39,744 square feet and 23,451 square feet, respectively, with 415 surface parking spaces. The Glass House and Skylight are located at 3804 Coconut Palm Drive, Tampa, FL and 3812 Coconut Palm Drive. The loan, originated on behalf of the borrower, Sason, has a 10-year, non-recourse fixed interest rate of less than 4%, a 30-year amortization and a 70% loan-to-value cash-out recapitalization.
- Union Box Company Portfolio (Baltimore, MD), a $6,000,000 life company bridge loan to finance the acquisition of a mixed-use multifamily property and office building portfolio. The mixed-used property, located at 1821 Thames Street, Baltimore, MD, includes 33,360 square feet of commercial office space, as well as ten apartment units and one townhouse. The office building, located at 1820 Thames Street, Baltimore, MD contains 2,200 square feet of commercial space occupied by a single tenant and includes 14 surface parking spaces. The loan, originated on behalf of the borrower, Sason, has a floating interest rate, a 75% loan-to-cost ratio and 100% good news money.
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/.