Dwight Capital Lends $31M on Louisiana Luxury Apartments Near LSU
Dwight Capital has closed on a deal providing $31.4 million of U.S. Department of Housing and Urban Development-backed debt to refinance a multifamily asset in Baton Rouge, La., Commercial Observer has learned.
The Manhattan-based alternative lender supplied the HUD 223(f) loan for The Highland Club, a 279-unit, garden-style, luxury apartment complex in Louisiana’s capital city. Dwight Managing Principal Josh Sasouness originated the transaction.
The agency debt package includes a green mortgage insurance premium reduction — set at 0.25 percent — since the 23.6-acre property near Louisiana State University (LSU) qualifies as green/energy-efficient housing, according to Dwight officials. The multifamily community was built in three phases between 2003 and 2019.
Located at 17505 Jefferson Highway around six miles from the LSU campus, The Highland Club consists of 28 buildings and a clubhouse. Its amenities include a pet park, swimming pool, poolside cabanas, picnic/barbecue area, fitness center, business center and walking trails.
The Highland Club owner Ed Kramer said via a spokeswoman that the refinance will enable it to make improvements to the complex, while also taking advantage of low interest rates. He also praised The Highland Club’s management company, Pegasus Residential, for its upkeep of the property and overall commitment to the Baton Rouge region.