BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured two loans totaling $71 million for the financing of 536 multifamily units in Las Vegas, Nevada.
Jake Roberts, senior vice president in BWE’s Los Angeles office, originated the financing on behalf of a high-net-worth family real estate office and a longtime client of BWE. The loan, sourced by BWE through its position as a direct Freddie Mac servicer, features a five-year term with a very favorable rate at approximately 5.00% and was used to refinance an existing asset in the family’s portfolio as well as acquire a new asset in the Las Vegas area.
“When the client approached us about this acquisition, we worked with them to create the best strategy to help capitalize the acquisition, both considering debt and JV equity options. BWE helped craft a capitalization approach with debt that incorporated our extensive agency experience and our life company and CMBS lenders, providing the client with a number of financing options. Ultimately, Freddie Mac was willing to match and even beat some of the life company terms we were able to secure. The aggressive terms from Freddie allowed the client to acquire the new property and strengthen their entire portfolio,” said Roberts. “At BWE, we value our role as a strategic advisor to our clients and are committed to helping them find creative solutions to their financing needs.”