Dwight Capital Provides $30M HUD Loan for South Carolina Luxury Apartments
Dwight Capital has closed on a transaction originating $30.1 million of agency debt for the refinance of a South Carolina luxury multifamily asset, Commercial Observer has learned.
The Manhattan-based alternative lender supplied the U.S. Department of Housing and Urban Development financing for Atlantic at Parkridge, a 298-unit apartment community in Irmo, S.C. Dwight Managing Director Brandon Baksh and Alex Shoenfeld originated the deal.
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 356 Lake Murray Boulevard, the property consists of 311,723 square feet spread across 11 garden-style apartment buildings. Its amenities include a fitness center, club room, fire-pit, outdoor kitchen, saltwater pool and dog park.
Current monthly rents at the property range from nearly $1,300 for one-bedrooms to $3,350 for three bedrooms, according to Apartments.com.
Officials for Atlantic at Parkridge did not immediately respond to a request for comment.