Dwight Capital Finances $24.5MM HUD 223(f) Loan for Wellspring Apartments in Columbia, SC

Dwight Capital has successfully closed a $24.5 million HUD 223(f) loan for Wellspring Apartments, a 232-unit garden style apartment community in Columbia, South Carolina. The loan proceeds will be used to retire existing debt, cover closing costs, fund the replacement reserve account, and complete necessary repairs.

Spanning 16 acres, the community includes a clubhouse and leasing office, as well as 23 two- and three-story residential buildings offering one-, two-, and three-bedroom units. Residents can enjoy a range of high-end amenities such as walking trails, grilling areas, a fitness center, valet trash service, and a resort-style pool. Additionally, the project qualifies for a reduced Green Mortgage Insurance Premium (MIP) of 25 basis points, as Wellspring Apartments is pending a National Green Building Standard (NGBS) Bronze Certification.

This transaction was originated by Keith Hoffman and Aaron Kirshtein.