BWE, a nationally recognized commercial and multifamily mortgage banking company, has successfully obtained a $21.8 million bridge loan for the acquisition of Orchard Park Apartments in Salem, Oregon. The 224-unit affordable housing complex will be preserved through BWE’s innovative Bridge Loan to Bond Purchase product.
Executive Vice President and Director Jim Gillespie, along with Vice President Ilya Weinstein expertly arranged the financing for this transaction. Through BWE’s new product offering, developers can now acquire and preserve affordable housing properties that will later be recapitalized using 4% LIHTCs (Low-Income Housing Tax Credits) and tax-exempt bonds.
According to Weinstein,”Orchard Park is an excellent example of how our new product can effectively preserve affordable housing.” One major advantage of this product is its flexibility – it allows for prepayment at any time without penalty if the 4% LIHTC bond transaction is financed through BWE’s Bond Purchase execution.
This successful venture by BWE highlights their commitment towards providing sustainable solutions in preserving vital affordable housing communities across the nation.
