BWE Secures $71M in Freddie Mac Financing for 536-Unit Las Vegas Multifamily Portfolio
BWE, a national commercial and multifamily mortgage banking company, has secured two loans totaling $71 million to finance 536 multifamily units in Las Vegas, Nevada, the firm announced Sept. 9.
Jake Roberts, senior vice president in BWE's Los Angeles office, originated the financing on behalf of a high-net-worth family real estate office and longtime BWE client. The transaction was sourced through BWE's position as a direct Freddie Mac servicer and carries a five-year term at approximately 5.00%.
Dual-Asset Structure Covers Acquisition and Refinance
The financing package consists of two loans structured to serve two distinct purposes: refinancing an existing asset already held in the family's portfolio and funding the acquisition of a new multifamily property in the Las Vegas area.
According to Roberts, BWE evaluated both debt and joint-venture equity options before settling on an agency execution. The firm drew on its relationships with life company and CMBS lenders to generate competing terms before Freddie Mac ultimately prevailed on pricing.
"When the client approached us about this acquisition, we worked with them to create the best strategy to help capitalize the acquisition, both considering debt and JV equity options," Roberts said. "BWE helped craft a capitalization approach with debt that incorporated our extensive agency experience and our life company and CMBS lenders, providing the client with a number of financing options. Ultimately, Freddie Mac was willing to match and even beat some of the life company terms we were able to secure. The aggressive terms from Freddie allowed the client to acquire the new property and strengthen their entire portfolio."
Freddie Mac Competes Against Life Company Terms
The deal reflects the continued competitiveness of agency debt for stabilized multifamily assets. BWE's process involved soliciting terms from life company and CMBS lenders alongside Freddie Mac, with the agency ultimately offering terms that matched or exceeded those from competing sources. The five-year fixed rate near 5.00% provides the borrower with payment certainty at a time when multifamily owners have broadly faced pressure from elevated financing costs and near-term debt maturities.
The borrower is a private, high-net-worth family real estate office with an established relationship with BWE.
"At BWE, we value our role as a strategic advisor to our clients and are committed to helping them find creative solutions to their financing needs," Roberts added.
Las Vegas Multifamily Market Remains Active
The transaction reflects continued acquisition activity in the Las Vegas multifamily market, where deal flow has persisted even as financing conditions have required greater capital stack creativity.
BWE operates from more than 40 offices nationwide and maintains a national servicing platform. The firm says it has secured financing for more than 5,000 properties totaling $55 billion over the last five years.
About the Parties
BWE is a national, full-service commercial and multifamily mortgage banking company. Freddie Mac served as the lender on the transaction. Jake Roberts, who is based in BWE's Los Angeles office, originated the deal.
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