BWE, a real estate company, has successfully obtained a $260 million loan to refinance six multifamily properties in their portfolio. One of these properties is the Victory Flats apartment complex located in Beaverton, Oregon. This modern complex offers one-, two-, and three-bedroom apartments near Hillsboro.
The loan was secured by BWE Senior Vice President Stephen Perricone through Northwestern Mutual on behalf of an institutional sponsor. It is a five-year loan with an interest rate of 5.07%, full-term interest only payments, and a 55% LTV ratio. The terms also include release provisions for each individual property in case any assets are sold in the future.
The portfolio consists of over 1,500 units spread across four other locations: Austin and Charlotte as well as Denver’s metro areas within Colorado state lines.The six properties included are all Class A buildings that have been stabilized since they were built less than ten years ago with just a 5% vacancy rate overall.
Perricone stated that due to pending maturities within this portfolio and market volatility at the time,the deal was underwritten early on so that BWE could be proactive towards any potential changes or challenges arising from market conditions.”
