Dwight Capital financed a $36.17 MM HUD 223(a)(7) loan for Willina Ranch Apartments, a 175-unit luxury apartment community located in Bothell, WA. Built in 2000, the property’s amenities feature a swimming pool, business center, clubhouse, and fitness center. This refinance includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points as the property is ENERGY STAR certified. Managing Principal, Josh Sasouness, and Managing Director, Josh Hoffman, originated this transaction.
Dwight previously closed a HUD 223(f) cash out refinance on the property in 2018, but was able to take advantage of historically low interest rates and reduce the loan’s all-in interest rate considerably via the “A7” refinance.