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World Business
April 20, 2021

Dwight Capital Finances $23.6MM for Montgomery Trace and Stewart Apartments in TX

Dwight Capital closed $23.6 MM in HUD financing for Montgomery Trace & Stewart Creek Apartments, a 264-unit garden-style apartment community located in Montgomery, TX. Situated on 13.3 acres, the property was built in two phases in 2005 and 2011, and consists of 15 residential buildings, a leasing office, clubhouse and maintenance building. Its amenities feature a fitness center, playground, dog park, and three outdoor swimming pools. The loan benefits from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because the property qualifies as green/energy efficient housing. Brian Yee originated this transaction.