BWE, a national commercial and multifamily mortgage banking company, arranged a series of agency financings for affordable housing properties, including one reserved for seniors. Battery Park Senior Apartments, located in Asheville, North Carolina, with 113 one-bedroom units, nine two-bedroom units and four commercial spaces, received a $17.641 million Freddie Mac immediate tax-exempt loan and a $2.359 million gap loan. The borrower was National Church Residences.
As part of the recapitalization of the property, an allocation of new 4% Low Income Housing Tax Credits was secured through the North Carolina Federal Tax Reform Allocation Committee (via NCHFA). All units are designated for residents earning up to 60% of the area median income. The tax-exempt loan has a 16-year fixed rate term and a 40-year amortization.
