Dwight Capital Lends $33M on Detroit-Area Legends Fox Creek Apartments

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Manhattan-based Dwight Capital has closed on a deal providing $32.8 million of U.S. Department of Housing and Urban Development debt to refinance a garden-style apartment complex in metropolitan Detroit, Commercial Observer has learned.

The alternative commercial real estate lender supplied the 223(f) loan for Legends Fox Creek, a 399-unit multifamily asset in Clarkston, Mich. Dwight Managing Principal Josh Sasouness originated the transaction.

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The HUD-backed financing package includes a green mortgage insurance premium reduction set at 0.25 percent since the property qualifies as for green/energy-efficient housing, according to Dwight officials.

Located at 4855 Fox Creek, around 45 minutes northwest of Detroit, the property comprises 14 two- and three-story apartment buildings, a clubhouse with leasing office, and four storage buildings situated on a 39.9-acre site. Its amenities feature a business center, fitness center, swimming pool, picnic area, dog park and small pond.

Officials for Legends of Fox Creek did not immediately respond to a request for comment.  

Andrew Coen can be reached at acoen@commercialobserver.com