BWE, a nationwide 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 this transaction utilizing BWE’s innovative Bridge Loan to Bond Purchase product.
The financing was arranged by Executive Vice President and Director Jim Gillespie and Vice President Ilya Weinstein. This new product from BWE allows developers to acquire affordable housing properties that will be recapitalized with 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 offering is its flexibility – the facility can be prepaid at any time without penalty if the 4% LIHTC bond transaction is financed through a BWE Bond Purchase execution.
This successful deal highlights BWE’s expertise in providing financial solutions for preserving valuable affordable housing properties across the country.
