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February 21, 2024
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BWE Secures Over $26 Mil for Seniors and Affordable Housing Across the Country

1/04/24

BWE closed four financings totaling over $26 mil to refinance, build, and preserve four seniors and affordable housing properties in California, Massachusetts, Ohio, and Florida. The CA financing was for a 99-unit, age-restricted complex in Culver City.

The four properties are:

• Palm Court Senior Independent Living (Culver City, CA) - Max Sauerman arranged an $11 mil loan to refinance the 99-unit, age-restricted apartment complex on behalf of Goldrich and Kest, one of the nation’s most successful, privately owned, family-run real estate companies. The apartment building was completed in 1991 and is rich with amenities including a bistro serving three meals a day, movie theater, fitness center, and business center, as well as concierge services like housekeeping, laundry, local transportation, and social/recreational programs.

• Branches of North Attleboro (North Attleboro, MA) - Mokris and Ryan Stoll arranged a $13.15 mil, fixed-rate, non-recourse Freddie Mac loan with a five-year term to provide acquisition financing for a 104-unit assisted living and memory care community. Operated by Benchmark Senior Living, amenities include courtyards, resident-tended gardens, ample walking trails, salon, fitness center, library, and various recreation spaces.

• HOPE Senior Village (East Canton, OH) - Bob Morton arranged a $1.089 mil USDA RHS 538 GRRHP loan to provide permanent financing for the construction of a 40-unit affordable seniors housing development. The loan has a 40-year fixed-rate term and a 40-year amortization period. The development consists of eight buildings, each containing five one- and two-bedroom units. Of the 40 total units, seven are designated for residents earning up to 30% of the area median income (AMI), 17 units are designated for residents earning up to 50% of AMI, and 16 units are designated for residents earning up to 60% of AMI. The project received additional financing through the use of 9% Low-Income Housing Tax Credits.

• Amelia Village (Vero Beach, FL) - Bob Morton and Jon Killough arranged a $1.7 mil USDA RHS 538 GRRHP loan to provide permanent financing for the preservation of a 50-unit existing rural development, Section 515 senior housing property. The loan has a 40-year fixed-rate term and a 40-year amortization period. The community features 20 one-bedroom and 30 two-bedroom units. Additional financing was secured through the use of 9% Low-Income Housing Tax Credits.




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