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Villa Vita Apartments
March 08, 2021

Dwight Capital Finances Over $663.44 MM in February 2021

Dwight Capital closed in excess of $663.44 MM in financings (including Interest Rate Reductions) in February. Featured among Dwight’s closings are HUD 223(f) loans for Ashburn Meadows Apartments and Villa Vita Apartments and a bridge loan for U Place Apartments.

Dwight provided $66.8 MM for Ashburn Meadows Apartments, a 336-unit affordable apartment community located in Ashburn, VA. Built in two phases in 2000 and 2002, the property consists of 14 three-story apartment buildings and a one-story clubhouse situated on over 18.3 acres. Ashburn Meadows’ amenities feature a fitness center, barbeque grill area, swimming pool with sundeck and walking trails. The property is comprised of 100% LIHTC (Low-Income Housing Tax Credit) units. Managing Director, Brandon Baksh, originated this transaction, which is the fourth refinance that Dwight has closed for this repeat client.

Baksh and Karnveer Bal originated a $29.75 MM HUD refinance for Villa Vita Apartments, a 183-unit apartment complex located in Peoria, AZ. Built in 2019, the property consists of 12 buildings, including seven, three-story apartment buildings, three garages, a clubhouse and gazebo situated on 22.7 acres. Its amenities feature a fitness center, sports court, swimming pool with spa and dog park. The loan includes a Green MIP Reduction set at 25 basis points since the property qualifies as green/energy efficient housing.

Dwight also closed $55 MM in bridge financing for U Place Apartments, a 243-unit mixed-use luxury apartment complex located in the University District of Seattle, WA. Built in August 2020, U Place is situated on a 32,633-square foot site, including 19,450 square feet of retail space on the ground floor. The property is adjacent to University Village, Seattle’s only outdoor lifestyle shopping center, which features over 120 high-end shops and restaurants. U Place’s communal amenities feature a state-of-the-art fitness center, community room, and rooftop deck with 360-degree views. Its residential amenities include in-unit washers and dryers, private balconies, floor-to-ceiling windows, and keyless Bluetooth room entry. Managing Principal, Josh Sasouness, originated this transaction.