BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured at $37,000,000 bridge loan for The Exchange, a fifteen-story mixed-use development in the heart of Kalamazoo, Michigan.
BWE senior vice presidents Chris Carroll and Cathy Bronkema, together with senior analyst Max Miller, originated the financing from a debt fund on behalf of their client, a local commercial and residential property developer. The shorter-term bridge loan will help the borrower to maintain maximum flexibility as downtown Kalamazoo undergoes a significant transition, allowing them to keep their options open as the future Kalamazoo Event Center and other major developments change the landscape of the market.
“When we work with our clients, we ask them to rank the most important qualities they are looking for in a deal, and we deliver on that. For The Exchange, those criteria were certainty of execution, speed, flexibility, and optionality. For a mixed-use property like this, the GSEs weren’t an option, so we found a debt fund that could provide the right capital at the right time with the right terms for our client,” said Carroll. “At BWE, we’re committed to working creatively with our partners to secure the capital they need to execute on their business plans and stay competitive in evolving markets.”
Delivered in December 2020, The Exchange features a blend of ground floor retail space, structured parking, and luxury apartments. The property has one of the most complete set of amenities of any building in the Kalamazoo marketing, with all units featuring steel appliances with full-size washers and dryers, high-end cabinetry, wood flooring, and quartz countertops. Building amenities include a roof deck, outdoor patio with firepit/grill, fitness center, club room with a kitchen, package handling room, and bike storage.
Located at the center of Kalamazoo’s rapidly developing Central Business District, The Exchange offers resident easy access to the Kalamazoo Mall Plaza, which contains unique shops, dining options, and art galleries, as well as Bronson Park, a home to live entertainment. As the city’s downtown continues to add new jobs and employers, the property is well-positioned to remain an attractive option for young professionals seeking top-quality housing.