Dwight Capital financed over $397.26 MM during August. Featured among Dwight’s transactions are HUD loans for 201 Twenty One Apartments and Monte Sano Terrace, and a construction loan for City View Apartments.
Dwight closed $35.7 MM in HUD financing for 201 Twenty One Apartments, a four-story mixed-use property consisting of 225 units and six commercial ground-floor units located in Norfolk, VA. Its amenities feature a leasing office, fitness center, lounge with pool tables, business center, theater, as well as a central courtyard with a pool, putting green, and grills. 201 Twenty One’s commercial retailers include a frozen yogurt shop, sushi bar, spa, Five Guys, and Walgreens. The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because the property is ENERGY STAR certified. Vice President, Daniel Malka, originated this transaction.
Malka and Managing Director, Brandon Baksh, originated a $29 MM HUD 223(f) loan for Monte Sano Terrace, a 324-unit apartment complex located in Huntsville, AL. The property is comprised of 23 garden and townhome style buildings and a clubhouse/leasing office situated on over 25 acres near the Huntsville Historic Five Points. The loan benefitted from a Green MIP Reduction because the property qualifies as green/energy efficient housing.
Dwight also provided a $23 MM construction loan for City View Apartments, a mixed-use development located in Lansing, MI. Upon completion, the property will consist of 3,500 SF of ground floor retail in addition to four stories of residential space comprised of 117 units. City View’s amenities will feature a fitness center and parking garage. The property is situated within walking distance to the Michigan State Capitol and is approximately four miles from Michigan State University. Managing Principal, Adam Sasouness, originated this transaction.