Dwight Capital Finances $31.5MM HUD 223(f) Loan for Fox Creek Apartments in Utah

Dwight Capital has provided a $31.5 million HUD 223(f) refinance for Fox Creek Apartments, a 186-unit garden-style complex in Layton, UT. The property includes 10 residential buildings, a mail center, and a two-story clubhouse/leasing office all situated on 7.5 acres. Community amenities include a playground, dog park, BBQ/picnic area, fitness center, and a pool with a hot tub.

Fox Creek is conveniently located approximately 1.5 miles from downtown Layton and 20 miles north of Salt Lake City. Nearby recreational attractions include Snowbasin Resort, which offers 3,000 skiable acres, 3,000 vertical feet of terrain, and 26 miles of hiking and biking trails. This unique resort is also set to host downhill skiing for the 2034 Winter Olympic and Paralympic Games. Additionally, SeaQuest Aquarium, located within one mile of the property, features interactive themed animal habitats, with over 1,200 animals from 300 different species and hands-on activities.

Proceeds from the loan will be used to retire existing debt, complete property enhancements, and fund future capital improvements for the borrower. The refinance also benefits from a Green Mortgage Insurance Premium (MIP) Reduction to 25 basis points, as Fox Creek Apartments is awaiting GreenPoint Rated Existing Home Multifamily (EHMF) Certification.