Dwight Capital Lends $51M on Wilmington Apartment Community
By Mack Burke May 12, 2021 2:28 pm
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New York-based alternative lender Dwight Capital has originated $50.7 million in agency debt to refinance the Residences at Justison Landing in Wilmington, Del., Commercial Observer has learned.
The U.S. Department of Housing and Urban Development Section 223(f) refinancing was provided to The Buccini/Pollin Group, an investment, management and development firm with multiple offices across the Mid-Atlantic region.
Dwight Capital Managing Principal Josh Sasouness originated the deal.
Residences at Justison Landing is a mixed-use property that features 214 one-, two- and three-bedroom apartments — across two, seven-story residential buildings — as well as eight ground-floor retail boxes and a three-story on-site parking garage. The retailers include Starbucks (with a private entrance and 10 percent discount for residents) and CrossFit, as well as a range of smaller tenants, like Riverfront Bakery, The Juice Joint juice bar, Del Pez Mexican GastroPub, Currie Salon, Ciro Food & Drink, and pet grooming outlet Riverfront Pets, according to the property’s website.
The property was built in 2008 and sits on 2.6 acres at 331 Justison Street, just a short walk away from the Christina River within the Riverfront neighborhood near Downtown Wilmington.
Amenities at the location include a fitness center, a community lounge and concierge services. And interestingly, it also provides tenants with a “Play Where You Live” card, a resident-only VIP card that provides perks and discounts at local businesses. Among other offerings, the perks include 20 percent off rooms at the Hotel du Pont, a discounted membership to CoreTen Fitness, 15 percent off some local restaurants, and also complimentary ticket giveaways to shows and events at locations like The Queen, The Playhouse on Rodney Square and The Grand Opera House, according to details on the property’s website.
Current monthly rents at the property range from around $1,200 for one-bedrooms to nearly $4,000 for the three-bedrooms, according to online listing information from Apartments.com. The floorplans themselves range in size from 656 square feet for one-bedrooms to about 2,350 square feet for three-bedrooms, as per the property’s website.
