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 utilized their expertise to originate this financing on behalf of Vita Investment Holdings LLC – an established developer specializing 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 $17.09 million USDA 538 Forward Permanent Loan with competitive interest rates that features non-recourse options for borrowers over a 40-year amortization period. Additionally, Vita Investment utilized 4% Low-Income Housing Tax Credits as part of their project financing strategy.
According to Kassa,”Through our comprehensive range of capital solutions at BWE , we were able to identify the ideal product for Vita Investment – enabling them to continue executing their business plan while preserving crucial affordable housing opportunities within rural Indiana.”
