Dwight Capital Provides $33M HUD Loan for South Carolina Multifamily Asset
Dwight Capital has closed on a transaction supplying nearly $33 million in U.S. Department of Housing and Urban Development (HUD)-backed financing for the refinance of a South Carolina townhouse-style apartment community, Commercial Observer has learned.
The New York City-based lender provided the HUD 223(f) cash-out refinance to Spring at Laurens Road, a 272-unit asset in Greenville, S.C. The loan includes a green mortgage insurance premium (MIP) reduction to 0.25 percent, since the 18.4-acre property is designated as green/energy-efficient housing, according to Dwight officials.
Dwight Capital Managing Principal Josh Sasouness and Managing Director Kevin Lifshitz originated the deal.
Spring at Laurens Road officials declined to comment on the loan.
Located at 1401 Laurens View Road, the gated community is comprised of 13 two-story, apartment buildings; a one-story clubhouse/leasing office; an attached car care center; and six detached garage structures. Its amenities include a resort-style swimming pool, outdoor barbecue area, fitness center, pet playground and spa area, and 24-hour emergency maintenance.
Monthly rents for Spring at Laurens Road range from $969 for studios to $1,826 for three bedrooms, according to Apartments.com.