Dwight Capital Provides $30M HUD Loan for Las Vegas Multifamily Asset

reprints


Manhattan-based lender Dwight Capital has lent more than $30 million of U.S. Department of Housing and Urban Development (HUD)-backed debt for the refinance of a Las Vegas apartment complex, Commercial Observer has learned.

The HUD 223(a)(7) refinance was arranged for Cabrillo Apartments, a 242-unit asset built in 2008. 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.

SEE ALSO: Kimco Realty to Acquire Weingarten Realty Investors for $3.87B

Dwight Capital Managing Director Brandon Baksh originated the deal.

Located at 7955 W. Badura Avenue, the gated community is comprised of six apartment buildings, a leasing office/clubhouse and four garage buildings. Its amenities feature a pool, spa, business center, fitness room, and common lounge areas.

Monthly rents at Cabrillo range from $1,068 for one-bedroom units, $1,225 for two bedrooms and $1,578 for three bedrooms, according to Apartments.com.

Cabrillo officials could not immediately be reached for comment.