BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $42,315,000 loan to provide permanent financing for The Glenn, a 270-unit garden-style apartment complex in Auburn, Alabama.
Paul Harbor, senior vice president, Caleb Carter, assistant vice president, and Libby Davis, analyst, all in BWE’s Birmingham, AL, office, originated the loan from Fannie Mae on behalf of a Georgia-based development company. The loan has a 10-year term with a 35-year amortization period and will be used to pay off the project’s construction debt. The BWE team worked closely with Fannie Mae to obtain a 35-year amortization, which is typically reserved for deals in larger MSAs.
“When we started working on this permanent financing, we knew we’d need to get creative to deliver the best structure to our longtime client. Since 35-year amortizations are not standard for Fannie loans, especially in a market like Auburn, we leveraged our experience working with Fannie Mae to ensure we could get the waiver that allowed this deal to be completed,” said Harbor. “BWE is committed to using our expertise with agency lenders to help our clients execute deals for properties with unique financing needs.”
The Glenn, located at 2568 E Glenn Ave, is comprised of 14 residential buildings featuring apartments in studio, one-, two-, and three-bedroom arrangements. The complex has many amenities for residents, including a fitness center and clubhouse, beach-entry pool, grilling areas, pet park, and a business center. The property is located just four miles east of downtown, providing an easy commute to the city center and the nearby Auburn University campus. Residents at The Glenn also enjoy convenient access to employment centers, Interstate-85, Highway 280, and an array of shopping options.