Dwight Capital Finances $32.6MM HUD 223(f) Loan for Westlake Apartments in California

Dwight Capital has successfully provided a $32.6 million HUD 223(f) refinance for Westlake Apartments, a 148-unit lakeside complex in Sacramento, CA. The property, situated on 5.90 acres, features 13 two-story residential buildings with renovated one- and two-bedroom units, complemented by three amenity buildings. Residents enjoy a variety of community amenities, including a fitness center, pool, spa, and exclusive access to a private beach with boat access on Lake Greenhaven. Located in California's capital, Westlake Apartments offers easy access to major highways, such as U.S. Highway 50 and State Highway 99, providing a convenient link to the greater San Francisco Bay Area.

Proceeds from the loan will be used to retire existing debt and complete property enhancements for Tesseract Capital Group, a repeat client of Dwight. The financing also benefited from a Green Mortgage Insurance Premium (MIP) Reduction to 25 basis points, as Westlake Apartments holds a National Green Building Standard (“NGBS”) Bronze certification.