Dwight Capital Finances Virginia Apartment Assets With $81M Debt Package

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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.

SEE ALSO: Dwight Capital Provides $94M HUD Loan for Gainesville Senior Housing Asset

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.