Summerville apartment complex part of $103M financing package

A luxury Summerville apartment community was part of a recent financing package from a national mortgage banking company.

BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $103 million Fannie Mae multifamily credit facility execution to finance three market rate housing developments, according to a news release.

Tyler Blue, executive vice president, Paul Wallace, senior vice president, and Ty Blue, vice president, all from BWE’s Washington, D.C., office, originated the financing on behalf of FCA Partners, a real estate investment management company based out of Charlotte, according to a news release.

The loans in the facility have five-year terms and are full-term interest only, according to the release. By using the Fannie Mae credit facility, the borrower was able to secure a competitive rate and can substitute, add, or remove properties from the credit facility, offering them flexibility as they continue to shape their portfolio, the release stated.

“The Fannie Mae credit facility is a powerful tool that offers borrowers, especially institutional owners, the ability to add or sell properties from their portfolio while still maintaining the facility,” Blue said in the release. “When our partners at FCA approached us about financing these properties, we knew the credit facility was the right execution, as it gave them favorable loan terms for their current portfolio while giving them the flexibility to sell, release or add properties.

“At BWE, we’re committed to using our multiple lending sources to ensure our clients have the right financing to execute on their long-term business plans.”

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The Murray, 500 Lama Drive, Summerville, is a 345-unit, mid-rise property constructed in 2021, according to the release. It consists of seven residential buildings and one clubhouse building which range in size from two to four stories. Property amenities at the Murray include a swimming pool, fitness center, clubhouse, business center, BBQ grills and outdoor kitchen, outdoor lounge, cabana/pergola, dog park, package locker, and private garages for townhomes. Unit amenities include a washer and dryer, air-conditioning, ceiling fans, luxury vinyl plank flooring and stainless-steel appliances.

The other two complexes are in Atlanta and Nashville.