BWE Arranges $27,325,400 FHA 223(f) Refinance Loan for Market Rate Multifamily Property in Ogden, Utah
PHOENIX, Sept. 26, 2024 (GLOBE NEWSWIRE) — BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $27,325,400 HUD 223(f) loan to refinance the recently constructed Station at 17th Apartments, a 145-unit, Class A market-rate apartment community in Ogden, Utah.
Lilla Abegg-Swanson, Senior Vice President and James Swanson, Executive Vice President from BWE’s Scottsdale office, originated the financing through the US Department of Housing and Urban Development’s 223f program on behalf of the borrower, Westates Companies.
According to BWE’s FHA Underwriter on the transaction, Andrew Edelstein, Station on 17th Apartments is not only a National Green Building Standard (NGBS) Bronze Certified community, but the project itself is located in an Opportunity Zone that has benefitted from significant investments over the past several years and is “a prime example of high-quality rental housing contributing to the revitalization of an underserved neighborhood.”
The community consists of eight 2-story townhouse residential buildings, two 4-story elevator served buildings, and one clubhouse. The clubhouse includes a social room with community kitchen, leasing offices, and a fitness center with adjacent play area. An outdoor swimming pool and spa as well as open green space for pets and owners are additional amenities. Both elevator-served buildings contain their own fitness centers, game rooms, and a pet spa. Parking is provided in two-car garages located within the townhouse units as well as via carports and uncovered stalls.
All units enjoy a full suite of modern stainless-steel appliances including a double-basin farmhouse sink with pull down faucet in the kitchen. Thermofoil cabinets extend nine feet off the floor in the townhouse units and in select flat units but in general are well above industry standards for the amount of available storage. Kitchen islands and countertops are quartz and flooring consist of luxury vinyl wood plank tiles in the common areas with carpet in the bedrooms.
About BWE
BWE stands as a national, full-service commercial and multifamily mortgage banking company committed to elevating real estate financing. Putting clients’ goals first, our experienced and trusted advisors offer comprehensive capital solutions by combining enduring debt and equity relationships with unparalleled local market insights across our 40+ offices and national servicing platform. Explore more about BWE at www.bwe.com.
Contact info:
ejudge@groupgordon.com
608-332-3940
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0fcdc3a-2562-4eba-a4b3-368937dca696
