Dwight Capital financed a $45MM HUD 223(f), 35-year fixed-rate loan for Villa Lucia Apartments, a 272-unit apartment community in Fresno, CA. The property consists of 42 one- and two-story apartment buildings, 19 garage buildings, and a clubhouse across 20 acres. Its amenities feature a courtyard, fitness center, playground, pool, and spa. The refinance benefited from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because the property qualifies for NGBS Bronze Certification.
Dwight previously provided a HUD 223(f) loan for Villa Lucia Apartments back in 2016; the subsequent cash-out refinance closed in December 2022. Ari Mandelbaum originated both transactions for the sponsor, Latco Enterprises.
“Dwight has been an ideal lender for us, as they are experts in the national multifamily market and truly understand our needs,” said Robert Lattanzio, Owner of Latco Enterprises. “We are grateful to have the Dwight team as a resource and guide for future transactions.”