Dwight Capital Lends $23M on Tuscany Hills Apartments in LA Area
Dwight Capital has closed on a deal to provide $23 million of U.S. Department of Housing and Urban Development Housing (HUD) debt to refinance a garden-style apartment complex in Southern California, Commercial Observer can first report.
The Manhattan-based lender supplied the HUD loan to Tuscany Hills Apartment Homes, a 144-unit facility in Moreno Valley, Calif., around 60 miles east of Los Angeles. Dwight Managing Principal Josh Sasouness and Vice President Daniel Malka originated the transaction.
The HUD-backed debt package includes a green mortgage insurance premium reduction set at 0.25 percent as a result of the property qualifying for green/energy-efficient housing, according to Dwight officials.
Located at 21012 Box Springs Road, the 2005-built Tuscany Hills Apartment Homes is situated on a gated property with 15 one- and two-story buildings. The 8.6-acre property also features three common area buildings with amenities that include a pool, spa fitness center and community park.
The apartment complex comprises one-, two- and three-bedroom units. Monthly rents for two bedroom units range from $1,1975 to $2,145, according to Apartments.com.
Officials for Tuscany Hills Apartment Homes did not immediately respond to a request for comment on the HUD loan.