Dwight Capital Provides $34M for Texas Gated Apartment Community
Dwight Capital has closed on a transaction originating $34.3 million of U.S. Department of Housing and Urban Development (HUD) debt for the refinance of a multifamily asset in western Texas, Commercial Observer can first report.
The Manhattan-based alternative lender supplied the agency-backed financing to Blue Ridge Apartment Homes, a 290-unit gated apartment community in Midland, Texas. Dwight Managing Director Brandon Baksh originated the deal.
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 2818 West Loop 250 North, the 2011-built property consists of 15 two- and three-story apartment buildings and 16 ancillary structures situated on 15.5 acres. Its amenities feature a business center, clubhouse, fitness center and reserved covered parking.
Monthly rents at Blue Ridge range from $900 for one bedroom to $2,264 for three bedrooms, according to Apartments.com.
Blue Ridge officials did not immediately respond to a request for comment on the loan.