BWE, a national commercial and multifamily mortgage banking company, arranged a $1.28 million loan through Freddie Mac’s Targeted Affordable Housing program to refinance an 81-unit affordable housing community for seniors. Cottonwood Senior Apartments in Placerville, California, restricts all units in the building to residents earning at or below 40% of the area median income (AMI).
The fixed-rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to pay off an existing line of credit. Jon Killough, Executive Vice President in BWE’s Alabama office, and John Roberts, Vice President in the firm’s Dallas, Texas, office, originated the loan on behalf of the borrower.
