Dwight Capital Lends $36M on 201 Twenty One Apartments in Virginia
Manhattan-based Dwight Capital has closed on a deal supplying $35.7 million of agency-backed debt to refinance a mixed-use property in Norfolk, Va., Commercial Observer can first report.
The alternative commercial real estate lender provided the U.S. Department of Housing and Urban Development loan for 201 Twenty One Apartments, a 225-unit multifamily asset with six commercial ground-floor units. Dwight Vice President Daniel Malka originated the transaction.
The HUD 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 201 West 21st Street, the four-story building features amenities that include a leasing office, fitness center, lounge with pool tables, business center, theater, central courtyard with pool, outing green and grills. Monthly rents range from $1,574 for one-bedroom units to $1,745 for two bedrooms, according to Apartments.com.
Commercial retailers at 201 Twenty One Apartments include Walgreens, Five Guys, a frozen yogurt shop, sushi bar and spa.