Dwight Capital Provides $49M HUD Loan to Refi Rental Asset in Washington State
New York-based lender Dwight Capital has provided just under $49 million in U.S. Department of Housing and Urban Development (HUD)-backed financing to a duo of Seattle-based private real estate investors to refinance Tamaron Ranch Apartments in Lynnwood, Wash., Commercial Observer has learned.
The HUD Section 223(f) mortgage loan was provided to Seattle-based real estate owners and investors Omar and Christine Lee, behind the entity Tamaron Ranch LLC. They could not be reached.
Dwight Capital Executive Vice President Keith Hoffman originated the financing.
The 266-unit property is located at 14500 Admiralty Way in Lynnwood, a few minutes away from major highway and interstate thruways that lead to Seattle, which is about 22 miles south of the asset. The property sits on more than 12 acres and comprises 19 three-story apartment buildings and a single, two-story community and clubhouse building.
Amenities at Tamaron include a fitness center, a resident lounge, a swimming pool, a playground, a walking trail and around 450 spaces of reserved parking. The apartments also include in-unit washers and dryers and patios and balconies, as per the property’s website.
The garden-style community offers one-, two-, and three-bedroom residences, with monthly rents ranging from around $1,300 for one-bedrooms to north of $2,000 for three-bedroom apartments, according to information from Apartments.com.