Dealmaker: BWE Closes $104 Million in Multifamily

Bellwether Enterprise Real Estate Capital LLC, Cleveland, Ohio, closed $104 million in loans for two apartment properties comprising 477 luxury units in Chicago and Yulee, Fla.

Avra West Loop, Chicago.

Dan Rosenberg, executive vice president in BWE’s Chicago office, originated the loan for Avra West Loop, a luxury complex in Chicago. Adam Bieber, senior vice president in BWE’s Washington, D.C. office, originated the loan for The Lofts at Wildlight, a multifamily community in near Jacksonville.

The properties are:

•           Avra West Loop, a $55 million life company refinancing for a newly constructed, 198-unit luxury apartment complex located at 1125 W Van Buren Street in Chicago. Avra offers studio, one-, two- and three-bedroom units, all of which feature keyless entry, high ceilings, floor-to-ceiling windows, wide-plank flooring and smart thermostats. Building amenities include a 24-hour fitness center, coworking spaces and a wrap-around rooftop terrace with panoramic city views. The fixed rate, interest-only loan was originated on behalf of the borrower, Tandem, to pay off an existing construction loan at a competitive interest rate.

Lofts at Wildlight, Yulee, Fla.

•           The Lofts at Wildlight, a $49,000,000 credit union permanent refinancing for a recently constructed 279-unit resort-style multifamily community located at 125 Daydream Avenue in Yulee. The community consists of five class A garden apartment buildings, offering one-, two- and three-bedroom units. Amenities include a pool with sundeck, a 24-hour fitness center, outdoor dining spaces and modern finishes throughout.

The property, a part of the master-planned Wildlight community, is situated near desirable shopping, dining and entertainment options, as well as highways A1A and I-95. The loan was originated on behalf of the borrower, RAS Realty Partners and includes an early rate lock, earn-out and a flexible prepayment structure.