Dwight Capital closed a $28.67 MM HUD 223(f) refinance for Albany Lofts at One Broadway, a 145-unit luxury apartment community located in Menands, New York. Situated on 14.8 acres, the property was originally built in 1902 as an industrial warehouse for the former Albany Felt Company and was subsequently converted to multifamily apartments in 2016. Albany Lofts at One Broadway was carefully renovated, maintaining the historical character of the building while allowing for modernizations and the incorporation of contemporary design.
The property consists of one, four-story mill-style apartment building and nine ancillary parking structures. Its amenities include a fitness center, swimming pool, yoga room, basketball court, and music room. The loan includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points, as Albany Lofts at One Broadway is ENERGY STAR certified. Managing Director, Josh Hoffman, originated this transaction.
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