BWE, a national commercial and multifamily mortgage banking company, today announced the closing of a $50,000,000 loan to provide development and construction financing for 900 North Allen Apartments, a new class A multifamily apartment community in Richmond, Virginia.
Charles DuBose, Senior Vice President in BWE’s Richmond office, together with Adam Bieber and Alec Jenkins, Senior Vice President and Vice President in the firm’s Washington, D.C., office, originated the loan from a regional bank on behalf of Spy Rock Realty Group.
“Richmond is one of the fastest growing regions in Virginia, so we’re thrilled to work again with our partners at Spy Rock Realty Group to help finance and develop 300 new apartments at 900 North Allen, which will undoubtedly be a premier option for residents looking to enjoy the best that Richmond has to offer,” said Bieber. “We are always grateful to be entrusted by our clients on these types of assignments, especially in the current volatile market, and appreciate the work of the lender, lawyers, and all other partners who helped put this deal together in a seamless fashion.”
Located at 900 N Allen Avenue in Richmond’s Newtowne West neighborhood, the building will offer 300 one-, two-, and three-bedroom units along with a full package of luxury amenities, including a pool, a fitness center, a resident lounge, a dog park, co-working booths, an internal parking garage, and more. Future residents will be able to take full advantage of the neighborhood’s lively cultural scene, with many restaurants, bars, breweries, grocers, and entertainment venues all within walking distance.
“Our partners at BWE were an essential resource for us throughout the entire process of securing this construction financing. They sourced multiple high-quality options and worked with us to find the perfect loan to fit our needs,” said Andrew Basham, Co-Founder and Principal of Spy Rock Realty. “We’re very excited to add 900 North Allen to our growing portfolio of projects in Richmond.”
900 N Allen is the second deal within a Spy Rock managed development fund. The company plans to deploy the balance of that capital within the next 18 months on projects controlled by the fund. 900 North Allen is being built in one of Richmond’s Opportunity Zones, part of a federal initiative to spur investment in economically distressed areas. The development is being managed by an established local sponsorship team with extensive experience developing and operating multifamily properties in Richmond.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.
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.
