Dwight Capital Lends $27M on Luxury Apartments Near Austin
Manhattan-based alternative lender Dwight Capital has closed on a deal to originate nearly $27 million of U.S. Department of Housing and Urban Development (HUD) debt for the refinance of a multifamily asset in Central Texas, Commercial Observer has learned.
Dwight Capital provided the agency-backed financing to Sadler House, a 240-unit, luxury apartment complex in San Marcos, Texas. Managing Director Josh Hoffman and Alex Shoenfeld originated the transaction.
The loan includes a green mortgage insurance premium reduction set at 0.25 percent, since the property qualifies as green/energy-efficient housing, according to Dwight officials.
Located at 1271 Sadler Drive, the property built in 2018 comprises seven apartment buildings and garages along with a leasing office/clubhouse. Its amenities feature a fitness center, swimming pool, an enclosed dog park, outdoor courtyard and entertainment pavilion.
Current monthly rents at the property range from nearly $1,200 for one-bedroom units to $2,065 for two-bedroom units, according to Apartments.com.
Officials for Sadler House did not immediately respond to a request for comment.