Dwight Capital Lends $27M for Chicagoland Apartment Complex Refinance

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Dwight Capital has closed on a deal to supply $27.3 million of agency debt for the refinance of a multifamily asset in suburban Chicago, Commercial Observer has learned.

The Manhattan-based lender provided the U.S. Department of Housing and Urban Development (HUD) loan for Algonquin Square Apartments, a 220-unit complex in Algonquin, Ill. Dwight Managing Director Brandon Baksh originated the deal.

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The HUD-backed transaction 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 2400 Millbrook Drive about 40 miles northwest of Chicago — the 2013-built property features 11 apartment buildings, two garage buildings, and a leasing office/clubhouse. Its amenities include a gym, business center, swimming pool with sun deck, outdoor grilling and lounge areas.

Monthly rents at Algonquin Square Apartments range from $1,798 for one-bedroom units to $2,759 for two bedrooms, according to Apartments.com.

Officials for Algonquin Square Apartments did not immediately respond to a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.