Dwight Capital Lends $42M on New Jersey Apartment Complex Refinance
Dwight Capital has closed on a deal to provide $41.8 million of agency-backed debt for the refinance of a New Jersey multifamily asset, Commercial Observer has learned.
The Manhattan-based lender supplied the U.S. Department of Housing and Urban Development (HUD) loan for Mi-Place at West Rancocas, a 232-unit apartment and townhome complex in Mount Holly, N.J., located about 20 miles east of Philadelphia.
The refinance retires a $39 million Dwight bridge loan from this past January.
Dwight Managing Principal Josh Sasouness originated both transactions. The most recent HUD loan 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 1 Kirby Court, the 2016-built property consists of 10 three-story apartment buildings, one row of two-story townhouses and a clubhouse situated on more than 13.4 acres. Its amenities include a solar-powered clubhouse, dog park, fitness center, and an outdoor pool with lounge area.
Monthly rents at Mi-Place at West Rancocas range from $1,490 for a one bedroom to $3,200 for two-bedroom units, according to Apartments.com.
Officials for Mi-Place at West Rancocas did not immediately respond to a request for comment about the refinance.
Andrew Coen can be reached at firstname.lastname@example.org.