Dwight Capital Lends $35M for Michigan Townhome Apartments
By Andrew Coen June 28, 2021 10:16 am
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Dwight Capital has closed on a deal to provide nearly $35 million of U.S. Department of Housing and Urban Development (HUD)-backed debt for the refinance of a multifamily asset in suburban Detroit, Commercial Observer can first report.
The Manhattan-based lender supplied the HUD 223(f) loan for Central Park Estates, a 254-unit townhome-style apartment community in Novi, Mich. Dwight managing directors Josh Hoffman and Kevin Lifshitz originated the transaction, which marked the company’s third refinance of the property.
The agency-backed 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.
Built between 2001 and 2003 at 47305 Central Park Boulevard, the property consists of 43 two- and three-story residential buildings, a clubhouse/leasing office and gatehouse. The community’s amenities feature a basketball court, community room, fitness center, playground and tennis court.
Officials for Central Park Estates did not immediately respond to a request for comment on the refinancing.
