Dwight Capital Lends $47M for Chicagoland Apartment Community Refinance
New York City-based Dwight Capital has supplied more than $47 million of U.S. Department of Housing and Urban Development (HUD)-backed debt for the refinance of a multifamily complex in northwest Illinois.
The alternative lender provided the 223(f) loan to Springs at South Elgin, a 300-unit townhome-style apartment community in South Elgin. Dwight Managing Principal Josh Sasouness and Managing Director Kevin Lifshitz originated the deal.
Commercial Mortgage Alert first reported the transaction.
The debt package 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 350 Gyorr Avenue, about 45 miles west of Chicago, the 16.5-acre Springs at South Elgin consists of 15, two-story apartment buildings, a clubhouse/leasing office, three garage structures and an attached car care center. The 2018-built property’s amenities include a fitness center, on-site pet playground, swimming pool and an outdoor barbecue area.
Monthly rents range from $1,388 for studios and $2,501 for three-bedroom units, according to Apartments.com.
Officials for Springs at South Elgin did not immediately respond to a request for comment on the transaction.