BWE, a national commercial and multifamily mortgage banking firm, announced that it has successfully secured $100,000,000 in first mortgage financing for a newly built Class-A luxury multifamily apartment building containing 97 units and ground-floor retail space in Midtown Manhattan.
Steve Perricone, Senior Vice President in BWE’s Philadelphia, PA office, arranged the financing on behalf of the sponsor, a major New Jersey private development firm. Sourced from an insurance company through its Stretch Core Senior Program—a higher leverage, higher yield senior loan—the seven-year, fixed-rate loan also featured interest-only payments throughout the term, 1.10x DSC, and a 70% loan-to-value ratio.
“We always listen closely to the needs of our clients, and in this case, the sponsor was looking for a higher-leverage transaction than we typically do for them on a pre-stabilized multifamily property. With the selected insurance company, a repeat lender for our client, we found a senior loan with lower debt service coverage and debt yields requirements the borrower required to achieve maximum proceeds. Due to a lower rate environment at the time, we suggested an early rate lock to lower rate risk,” said Perricone. “BWE continues to approach financing challenges creatively and comprehensively to deliver the best results for our partners.”
Completed in spring 2026 and currently in the process of lease-up, the 25-story, wedding-cake style building comprises 97 luxury market-rate residential units in studio, one-, two, and three-bedroom arrangements, as well as four full-floor penthouse residences. Units feature large open layouts with oversized windows, generous closet space, in-unit washer/dryers, custom Italian kitchen cabinetry with brass hardware, quartz countertops, premium appliances, engineered oak flooring, and private terraces in select units.
Located in the heart of bustling Midtown Manhattan, residents enjoy direct access to numerous large employers in Midtown, as well as a short walk to Fifth Avenue’s luxury retail offerings and cultural centers like the Museum of Modern Art (MoMA), alongside major city landmarks like Central Park and the Broadway Theater District within walking distance.
BWE stands as a national, full-service commercial and multifamily mortgage banking company committed to elevating real estate financing. Putting clients’ goals first, our experienced and trusted advisors offer comprehensive capital solutions by combining enduring debt and equity relationships with unparalleled local market insights across our 40+ offices and national servicing platform.
