BWE, a national company specializing in commercial and multifamily mortgage banking, has successfully secured $75.4 million in financing for seven multifamily properties located across Contra Costa, Santa Clara, and Los Angeles counties. The financing was originated by SVP Max Sauerman from BWE’s Los Angeles office on behalf of a multi-generational family office based in LA.
The loans obtained are all permanent with fixed rates and range from five to 10 years. They are also non-recourse with some limiting carve-out obligations to the borrowing entity and varying levels of prepayment flexibility. Additionally, they offer full-term interest-only options.
The portfolio consists mainly of stable core assets with an average occupancy rate of 95%. These properties include low-rise apartments in Martinez (98 units) financed at $9.15 million for a five-year term; garden-style apartments in Pleasant Hills (101 units) financed at $13.3 million for a 10-year term; garden-style apartments in Canoga Park (48 units) financed at $6.75 million for a five-year term; low-rise apartments Reseda (100 units) financed at $11 .2million over five years; Hollywood’s Five-story Apartments ($76 units), which received funding worth$13 .5million overfiveyears ;lowriseapartmentsinSantaClara(111units)fundedat$15millionovera tenyearterm,andgardenstyleapartmentsinCovina(48units)fundedat$6 .5millionforafiveyearterm .
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