Dwight Capital provided a $36MM HUD 223(f) loan for Villas of Capri, a 235-unit affordable apartment community in Naples, FL. The property comprises 15 garden-style apartment buildings, a clubhouse/leasing office, storage building, and maintenance building situated on over 20 acres. Its amenities feature a swimming pool, fitness center, playground, and volleyball court.
The loan benefitted from an Affordable Housing Mortgage Insurance Premium (“MIP”) reduction set at 35 basis points because the property meets the Low-Income Housing Agreement as 100% of the units are restricted to 60% Average Median Income (“AMI”). The refinance will be used for future capital expenditures, retire existing debt, and complete repairs. Executive Vice President, Daniel Malka, originated this transaction.