BWE, a national commercial and multifamily mortgage banking company, has successfully secured $19.68 million in financing for the acquisition and rehabilitation of three affordable housing developments located in rural Indiana.
Vice President Lundat Kassa from BWE’s Washington, DC office and Senior Vice President Bob Morton from the LaPorte, Indiana office led the origination of this financing on behalf of Vita Investment Holdings LLC. This developer specializes in affordable and senior housing projects within Indiana.
The funding was obtained through two loans – a construction loan provided by Fifth Third Bank and a $17.1 million loan through USDA’s 538 Forward Permanent Loan program. This program offers competitive interest rates with a non-recourse option for borrowers over a 40-year amortization period. Additionally, Vita Investment utilized Low-Income Housing Tax Credits to further support their project.
Kassa stated that by utilizing BWE’s comprehensive range of capital solutions, they were able to find an ideal product for Vita Investment which will enable them to continue executing their business plan while preserving much-needed affordable housing options in rural areas of Indiana.
