Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $35,500,000 loan deal to finance the construction of Broadstone Walk, a new affordable housing community in Apex, NC, part of the Raleigh, NC, metropolitan area.
Victor Agusta, Executive Vice President in BWE’s Raleigh office, originated the loan through a private placement on behalf of the borrower, DHIC, Inc., a nonprofit affordable housing developer based in Raleigh.
“The construction of Broadstone Walk will bring much needed affordable housing to the Apex community, and we’re thankful for Wake County and the Town of Apex for providing critical loans to help this deal close. We’re excited to work with DHIC to help this project come to fruition,” said Agusta. “As we work toward a solution to our housing affordability crisis, BWE will continue to work with partners across the region to finance projects that will create quality and affordable homes for families in need.”
Broadstone Walk comprises eight garden-style apartment buildings containing 164 one-, two- and three-bedroom apartments. The homes will be affordable to families earning between 40% and 70% of the area median income. Due to its nonprofit sponsor, Broadstone Walk is exempt from local real estate taxes, and it received additional financing from Wake County and the Town of Apex.
The loan, executed via a private placement, includes $23,000,000 in construction and permanent tax-exempt bonds and $12,500,000 in taxable construction bonds. The loan has an 18-year term and a 45-year amortization. BWE also executed an interest rate buy-down feature to help with loan proceeds.
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/.