Dwight Capital closed a $32.86MM HUD refinance for Pimlico Apartments, a 361-unit apartment complex in Pullman, Washington. The property is comprised of 30 three-story buildings, an onsite management office and parking and is situated on 17 acres. The project was completed in two phases: Phase I was completed in 2014, and Phase II was completed in 2016.
The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because Pimlico Apartments is ENERGY STAR certified. Managing Director Keith Hoffman and Jack Tawil originated the transaction for the borrower, Corporate Pointe Developers.
“It was a pleasure working with the entire Corporate Pointe Team, and we appreciate their continued faith in Dwight Capital throughout the process,” said Hoffman. “A green HUD 223(f) refinance was by far and away the best execution to meet our client’s goals, and Dwight's vertically integrated specialized HUD platform ensured a seamless execution from start to finish during this very volatile climate.”