Dwight Capital Supplies $30M HUD Loan to Refinance Arizona Apartment Complex
New York City-based lender Dwight Capital has closed on a deal providing nearly $30 million in U.S. Department of Housing and Urban Development (HUD)-backed financing for the refinance of a suburban Phoenix multifamily asset, Commercial Observer has learned.
The HUD 223(f) refinance was supplied to Villa Vita Apartments, a 183-unit complex located in Peoria, Ariz. The loan includes a green mortgage insurance premium (MIP) reduction to 0.25 percent, since the 22.7-acre property qualifies as green/energy-efficient housing, according to Dwight officials.
Dwight Capital Managing Director Brandon Baksh and Karnveer Bal originated the transaction.
Located at 8175 W Ludlow Drive, 16 miles outside of Phoenix, the property consists of 12 buildings, including seven, three-story apartment facilities; three garages; a clubhouse and gazebo. Its amenities include a fitness center, a sports court, a swimming pool with spa, and a dog park.
Peoria is Arizona’s sixth largest city with an estimated population of 175,961, according to the U.S. Census Bureau.
Monthly rents at Villa Vita range from $1,080 for studios to $1,525 for two bedrooms, according to Apartments.com.
Villa Vita officials could not immediately be reached for comment.