Dwight Capital Provides $36M HUD Loan on Seattle Suburb Rental Asset
New York-based alternative lender Dwight Capital has provided just over $36 million in U.S. Department of Housing and Urban Development (HUD)-insured debt to private real estate owner Richard Manning to refinance Willina Ranch, an luxury apartment complex in Bothell, Wa., Commercial Observer has learned.
The HUD Section 223(a)(7) mortgage — sometimes called an “A7” — refinanced existing debt on the asset, which sports 175 units. Section 223(a)(7) loans are reserved for the refinancing of existing Federal Housing Administration loans and certain HUD-backed loans.
Dwight previously originated a HUD 223(f) cash out refinance — used for purchases or refis of existing rental housing — for Willina two years ago. This new financing essentially leverages the low interest rate environment to lock in a fresh, low all-in rate, per Dwight. The mortgage closed in late August, per King County public property records.
Manning could not be reached.
Built in 2000, the property is located at 15515 Juanita Woodinville Way Northeast in Bothell, a town about 16 miles northeast of Seattle. It features a mix of one-, two- and three-bedroom units and month rents range from around $1,600 for the former to around $2,800 for the latter, according to information from Apartments.com and from the property’s website. GreyStar is the current manager of the property, according to the firm’s website.
Property amenities include a clubhouse building, a business center, a fitness center, a swimming pool and a hot tub, garage access for residents as well as reserved covered parking. Some units also have storage space included.