ST. LOUIS — BWE has arranged $18.5 million in permanent financing for One Loop Apartments, Broadway Park Apartments and Park Vue Flats in St. Louis. The three workforce housing communities total 247 units across 23 buildings. Dan Baker of BWE secured three loans on behalf of the borrowers, Affinity Capital LLC and a St. Louis-based housing developer.
The loans for Broadway Park and One Loop were originated through Fannie Mae’s Sponsor Dedicated Workforce Housing program, which enabled the borrowers to receive a lower interest rate, according to BWE. All three loans feature fixed interest rates with five-year terms and full-term interest-only payments.
Having been financed through the Sponsor Dedicated Workforce Housing program, 50 percent of the units in Broadway Park and One Loop will be restricted to residents earning up to 80 percent of the area median income (AMI), with 20 percent of the units having a 60 percent AMI requirement. The borrowers will use the financing to pay off existing rehabilitation loans, which were used to substantially upgrade the communities.