BWE Closes $40M Freddie Mac Cash-Out Refinancing for Rauls Living Independent Living Community in Morrisville, NC

BWE, a national commercial and multifamily mortgage banking company, has closed a $40 million cash-out refinancing through Freddie Mac on behalf of Rauls Living for a 167-unit, Class A independent living community in Morrisville, North Carolina, within the Raleigh-Cary metropolitan statistical area.

Taylor Mokris, Senior Vice President of Seniors Housing and Care at BWE, and Ryan Stoll, National Director of Seniors Housing and Care at BWE, originated the financing. The loan carries a 10-year term with five years of interest-only payments and a fixed interest rate.

First Agency Execution for a Family-Owned Operator

The transaction represents Rauls Living's first agency execution. BWE guided the sponsor through the Freddie Mac process to secure the financing structure. Rauls Living is a third-generation, family-owned owner-operator with more than 50 years of experience in seniors housing, with a focus on high-quality, resident-focused communities and a long-term ownership approach.

BWE conducted a competitive process that included banks, life companies, and both government-sponsored enterprises before Freddie Mac emerged with the most favorable terms aligned with the sponsor's long-term objectives.

"Rauls Living has built something special over 50 years, and it was gratifying to deliver a financing structure that put real capital back to work for the family. Guiding them through their first Agency execution and seeing the outcome it created made this one particularly rewarding," said Taylor Mokris, Senior Vice President of Seniors Housing and Care at BWE.

Deal Structure and Use of Proceeds

The $40 million loan is structured as a cash-out refinancing, with proceeds described as putting capital back to work for the Rauls family. The 10-year fixed-rate structure with a 60-month interest-only period provides near-term cash flow flexibility while locking in long-term rate certainty. For a family-owned operator with a long-term hold strategy, the structure de-risks interest rate exposure and enables reinvestment without requiring a sale of the asset.

The property is described as a Class A independent living community, indicating modern construction and higher finish levels. At 167 units, the asset is a meaningful-scale seniors housing property within the Raleigh-Cary MSA.

Agency Capital and Seniors Housing Market Context

The transaction reflects broader conditions in seniors housing finance, where agency lenders have shown appetite for stabilized, well-sponsored assets. Following a competitive process that included banks and life companies, Freddie Mac provided the most compelling execution for Rauls Living — an outcome BWE attributed to the alignment between the agency's program terms and the sponsor's long-term objectives.

For Rauls Living, the shift to agency capital marks a strategic evolution in how the company structures its debt. A first-time agency execution typically brings tighter governance and reporting standards while opening access to deeper, more scalable capital — a transition point that can support future portfolio growth or recapitalization activity.

BWE's Seniors Housing Platform

The closing adds to BWE's activity in seniors housing finance. The firm's dedicated seniors housing and care team, led by Mokris and Stoll, focuses on agency and other capital sources for operators across the seniors housing spectrum. The Rauls Living transaction demonstrates BWE's capacity to navigate the agency process on behalf of non-institutional, family-owned sponsors seeking their first GSE execution.

The deal closed July 27, 2026.

Sources: BWE Press Release