BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $16,782,000 loan to provide pe rmanent financing for Cobblestone Village, a 200-unit, garden-style affordable community in Grapevine, Texas, part of the Dallas-Fort Worth metropolitan area.
Jake Roberts, senior vice president in BWE’s Los Angeles office, originated the financing from Freddie Mac on behalf of Falkin Platnick Realty Group (“Falkin Platnick”), a San Antonio-based multifamily owner and operator. The loan, which was rate locked in the beginning of the year to allow the Falkin Platnick to run out an existing loan with a favorable interest rate, has a 7-year term and full-term interest only payments. The loan proceeds will be used to make further capital improvements to the property.
“Serving as a strategic advisor to our clients is a core part of BWE’s ethos. For this transaction, we worked with Falkin Platnick, a longtime client of ours, to help organize and identify their historical capex and future capital investment plans so that they could get a low-risk, low-leverage loan that would help them maintain their strong cash flow even when moving off a very low interest rate loan they had in place from 2017,” said Roberts. “At BWE, we pride ourselves on doing more than just shopping around for lowest-rate loan – we partner closely with our clients to ensure that they get the tailored financing solutions they need to execute on their business plans.”
Initially constructed in 1983 and located at 951 Turner Rd in Grapevine, Cobblestone Village contains 96 one-bedroom and 104 two-bedroom apartments. Amenities for the units include washers and dryers, dishwashers, and upgraded countertops, while the community has a fitness center, playground, swimming pool, and BBQ pavilion for residents to enjoy. The property includes affordability protections on 70 units, with 40 units restricted to residents earning up to 50% of the area median income (AMI), and another 30 restricted to residents earning up to 80% of the AMI.