BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $32.6 million loan to provide first mortgage financing for First Street Village, a newly constructed mixed-used development in downtown Burbank, CA, part of the Los Angeles metro area.
A BWE team led by Senior Vice Presidents Steve Perricone and Tom Mazlo originated the loan from a correspondent life company on behalf of the borrower, a regional private investment firm.
“We worked closely with our client to secure the best possible loan for their needs. We brought them a compelling quote that took advantage of a dip in interest rates and locked that in while the property was pre-stabilized and in lease-up, which has allowed our client to replenish their capital and move forward with longer-term business plans,” said Perricone. “First Street Village promises to give residents the best of what Burbank has to offer.”
First Street Village has 94 residential units and 6,100 square feet of 100% pre-leased commercial space. The new market-rate housing development is six stories tall and boasts excellent highway access, covered on-site parking, and proximity to a major regional shopping district. Other amenities include an outdoor swimming pool, a fitness center, a spa, a sundeck, a business center, and a landscaped courtyard. The building’s split of studio, one-, two-, and three-bedroom apartments feature quartz countertops, Energy Star rated appliances, European cabinetry, nine-foot ceilings, and in-unit washer/dryers.
The loan has a 15-year term with a 30-year amortization and is open to prepayment at par after nine years. The borrower used the proceeds to pay off an existing high-interest construction loan.
About BWE
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate.
BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. BWE provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.
