BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured $33,000,000 to refinance Beacon Place Northport, a luxury apartment complex in Northport, Alabama, part of the Tuscaloosa metropolitan area.
Paul Harbor, senior vice president in BWE’s Birmingham, AL office, originated the 24-month, non-recourse, prestabilized bridge loan with an optional 12-month extension and a 30-year amortization on behalf of the borrower, an Alabama-based multifamily investor and repeat client. BWE utilized its proprietary bridge lending product to execute the refinancing.
“When seeking optimal refinancing solutions for Beacon Place, we found that BWE’s internal bridge loan product was the right choice for a number of reasons,” said Harbor. “It allowed us to lower the borrower’s rate and give them an extended runway for their lease-up process, which in turn gave them more flexibility to free up borrowing capacity from the bank. The proprietary nature of the program prevents there from being a layering of fees and ensures an overall ease of execution. In contrast to other bridge loan programs, this was the most cost-efficient solution for the borrower, a repeat client of ours. BWE continues to leverage its signature suite of capital solutions to deliver the best results for our partners.”
Constructed in April 2024, Beacon Place Northport, located at 14110 Paul Howell Road, consists of 90 units in a two-story garden-style apartment layout as well as 140 cottage-style quadraplex and six-plex units for a total of 230 homes. The property includes one-, two-, and three-bedroom apartments which feature amenities such as stainless-steel appliances, granite countertops, wood-style flooring, walk-in closets, and attached garages for select units. Community amenities include a 24-hour fitness center, yoga and Pilates studio, saltwater resort-style pool, community gathering room, business center, and cybercafé with free Wi-Fi and coffee bar.
Located conveniently on the highway, the property offers residents easy access to shopping, education, and recreation facilities. Beacon Place is approximately seven miles from downtown Northport and nine miles from downtown Tuscaloosa.