Dwight Capital Provides $29M HUD Loan to Refinance Albany Rental Asset
New York City-based Dwight Capital has supplied nearly $29 million in U.S. Department of Housing and Urban Development (HUD)-backed financing for the refinance of a luxury apartment complex in Upstate New York, Commercial Observer has learned.
The HUD Section 223(f) refi was provided for Albany Lofts at One Broadway, a 145-unit community in Menands, New York. The loan includes a green mortgage insurance premium (MIP) reduction to 0.25 percent, since the property is Energy Star-certified, according to Dwight officials.
Dwight Capital Managing Director Josh Hoffman originated the deal.
Situated on 14.8 acres, the property is located just outside of New York’s state capital, Albany. The property was originally built in 1902 as an industrial warehouse for the former Albany Felt Company before it was converted to multifamily apartments in 2016.
Albany Lofts at One Broadway features one, four-story, mill-style apartment building and nine ancillary parking structures. Its amenities include a fitness center, swimming pool, yoga studio, basketball court and music room.
Monthly rents for one-bedroom residences range from $1,350 to $2,000, $1,710 to $2,975 for two-bedroom units, and $2,600 to $3,500 for three bedrooms, according to Apartments.com.
Albany Lofts officials could not be immediately reached for comment.