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