Dwight Capital Lends $24M on Houston-Area, Garden-Style Apartments
Dwight Capital has supplied nearly $24 million of U.S. Department of Housing and Urban Development (HUD)-backed debt for the refinance of a multifamily asset in the Houston metropolitan area, Commercial Observer can first report.
The Manhattan-based lender provided the HUD financing for Montgomery Trace & Stewart Creek Apartments, a 264-unit garden-style community in Montgomery, Texas.
Dwight Capital’s Brian Yee originated the transaction.
The loan includes a green mortgage insurance premium reduction set at 0.25 percent, as a result of the property qualifying as green/energy-efficient housing, according to Dwight officials.
Located at 19788 Highway 105, about an hour drive from Houston, the 13.3-acre property was built in two phases in 2005 and 2011. The complex consists of 15 residential buildings, a leasing office, clubhouse and maintenance building. Its amenities feature a fitness center, playground, dog park and three outdoor swimming pools.
Officials for Montgomery Trace & Stewart Creek Apartments declined to comment.