Dwight Capital closed a $19.5MM HUD 223(f) refinance for 580 South Water, a 69-unit luxury apartment community in Providence, RI. The property features one apartment building with a lounge area/workspace, fitness center, rooftop lounge, and bike storage. 580 South Water is in a desirable location along the Providence River in Fox Point, a block from waterfront dining and entertainment and within walking distance of great shopping.
The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points as the property achieved an ENERGY STAR certification. Managing Director Josh Hoffman and Jonathan Pomper originated this transaction.
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