BWE has secured $38.92 million to refinance 194 units of Woodland Park by the Lake, a 240-unit gated condominium community in the Bronzeville neighborhood of Chicago, Illinois.

Ryan Morris, vice president, and Max Miller, analyst, both in BWE’s Chicago office, originated the five-year Freddie Mac loan on behalf of the sponsor, a joint venture between a Chicago-based property management firm and a Chicago-based investor group. The joint venture originally acquired 170 units in the property in 2019 as part of a fractured condo deal, and since then, they have purchased more units and substantially renovated those homes. The refinancing accounts for 194 of the total 240 units.

“With its recent stabilization and the strong Chicago rental market, it was the ideal time to refinance so that our client can continue to acquire and renovate additional units in the property,” said Morris. Located at 3423 S Cottage Grove Avenue, Woodland Park by the Lake is a gated, seven-acre residential community.

BWE has secured $57.8 million to refinance Keystone Villa at Douglassville, a 247-unit, Class A independent living, assisted living, and memory care community in Douglassville, Pennsylvania.

Ryan Stoll, national director of Seniors Housing and Care at BWE, and Taylor Mokris, senior vice president of Seniors Housing and Care, secured the loan from a national Commercial Bank, which features a non-recourse structure prepayment flexibility, a competitive rate, and full-term interest-only payments. The loan was secured on behalf of a joint venture between private investment trust ReNew REIT and operator Heritage Senior Living.

Keystone Villa at Douglassville, located at 1152 Ben Franklin Highway, is comprised of a 123-unit independent living building constructed in 2015 and a 125-unit assisted living and memory care building constructed in 2011. The property was 92% occupied at the time of closing and has had strong operating performance.