BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured two loans totaling $70,900,000 to refinance Accent Southrail, 304-unit, mid-rise multifamily development in Charlotte, North Carolina, and Sedgefield Apartments, a 280-unit multifamily development in Marietta, Georgia, part of the Atlanta metropolitan area.
BWE’s Atlanta office secured the non-recourse loans for Accent Southrail and Sedgefield Apartments, which totaled $35,900,000 and $35,000,000 respectively. Production efforts were led by executive vice president Alan Tapie and senior vice president Thomas Wiedeman, along with senior vice president Brad Walker and production analyst Hanley Long.
The $35,900,000 Accent Southrail loan features a three-year fixed rate term, flexible prepayment and was originated from one of BWE’s largest correspondent life company lenders on behalf of Atlanta-based development firm Westplan Investors. The $35,000,000, interest-only Sedgefield Apartments loan was originated through a proprietary BWE bridge loan product on behalf of RPM Living, one of the largest multifamily management and investment firms in the country.
“When we were approached by the sponsors to help refinance both of these properties, we sought to find the best possible loan terms that minimized risk and maximized medium-term flexibility,” said Tapie. “These refinancings are a testament to BWE’s expertise in achieving creative, tailor-made capital solutions that allow our sponsors to execute on their business plans, and we look forward to further opportunities to secure optimal financing for multifamily housing developments across the South and the country as a whole.”
Accent Southrail, located at 6026 Station Crossing Avenue in Charlotte’s Lower South End neighborhood, contains a mix of 304 one-, two-, and three-bedroom units, which feature amenities such as quartz countertops, chrome hardware, washer/dryer, open floor plans, wood flooring, high-gloss tile backsplash, spacious bedroom closets, pantry, and linen closets. The property’s luxury amenities include a gym, pool with loungers and Orbit daybeds, clubroom with lounge, hammock sun garden, centralized bike storage, coffee bar, outdoor patios with grilling stations, a dog washing station, and co-working spaces.
Sedgefield Apartments, located at 1136 W. Commons Lane in Marietta, consists of 34 garden-style apartment buildings. Out of the property’s 280 total units, 48 are one-bedroom units, 200 are two-bedroom units, and 32 are three-bedroom units. Apartment features include walk-in closets, private patio/balcony, ceiling fans, mini blinds, spruce cleaning services, double compartment sink, washer/dryer connections, and pet-friendly accommodations. Community amenities include a fitness center, playground, lush green space, swimming pool, laundry facility, and a grilling area.