Dwight Capital Finances Virginia Apartment Assets With $81M Debt Package
Dwight Capital has provided just under $81 million of U.S. Department of Housing and Urban Development (HUD)-backed financing for two adjacent Virginia luxury apartment complexes, Commercial Observer has learned.
The New York City-based lender closed on a $40.2 million HUD 223(f) refinance for Cascades at Woods Corner in Virginia Beach. The loan includes a green mortgage insurance premium (MIP) reduction of 0.25 percent since the property is Energy Star certified, according to Dwight officials.
Dwight Capital’s Brandon Baksh and Karnveer Bal originated the transaction.
Built in 2010, the 11.6-acre property at 2133 Amberbrooke Way comprises seven, three-story apartment buildings with 226 residential units and one, four-story mixed-use building. The mixed-use building contains 20,700 square feet of nine commercial units, including a fitness center, nail salon, realty business, coffee shop, an education center and insurance agency.
Monthly rents at Cascades range from just above $1,200 for one-bedroom units to around $2,400 for three-bedroom units, according to ApartmentRatings.com.
Baksh and Bal also originated a $40.48 million HUD 223(f) loan for a refinance of Infinity Apartments, a 236-unit complex built in 2016 in Virginia Beach. The financing also included a green MIP reduction of 0.25 percent since the complex is energy efficient.
Set on 10.36 acres at 5657 Infinity Lane, the complex features five, four-story apartment buildings and a one-story community building. The property’s amenities include a clubroom, fitness center, business center, swimming pool and outdoor gazebos.
Monthly rents at Infinity range from just under $1,300 for one-bedroom units to around $3,200 for three bedrooms, according to Apartments.com.