BWE secured $36.132 million in permanent financing for Heyday Sun Prairie, a 170-unit, Class-A build-for-rent community in Sun Prairie, Wisconsin, part of the Madison metropolitan area. BWE has also secured $13.2 million in financing for Iron Horse Building 1, a Class-A industrial building in Wichita, Kansas.
Dan Rosenberg, executive vice president in BWE’s Boca Raton, Florida, and Chicago offices, with support from Tim Caffrey, assistant vice president in the Chicago office, and Logan Petersmeyer, senior analyst in the Boca Raton and Chicago office, originated the financings to pay off construction loans for both properties.
For Heyday Sun Prairie, the team sourced a $36,132,000 Fannie Mae loan with full-term interest-only on behalf of a Chicago-based developer. For Iron Horse, the team executed a $13,200,000, interest only loan with prepay flexibility from a life insurance company on behalf of a Kansas City-based developer.
The newly constructed Heyday Sun Prairie consists of 170 single-family attached rental homes. Nestled within a relaxed 41-acre community full of walking and biking paths, garden courtyards, and meaningful open spaces, Heyday’s collection of ranch-style apartment homes offer all the essential conveniences of a rental community. From an abundance of open space to attached or oversize garages and high-end finishes, Heyday’s maintenance-free community is where you live like a homeowner, but without the hassle. Home prices in Madison have increased at one of the fastest rates in the country providing a significant value proposition for single family rentals.
Iron Horse Building 1, located within the Iron Horse Manufacturing Park, is one of a limited amount of newly built Class A industrial properties in the Wichita area. The building features over 200,000 Sq. Ft. of Class A industrial space and is fully leased to AGCO Corporation (NYSE: AGCO), a global leader is agricultural machinery and precision technology.
