Dwight Capital Lends $23M to Build City View Apartments in Michigan

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Dwight Capital has closed on providing $23 million of construction financing for a mixed-use development in Lansing, Mich., Commercial Observer has learned.

The Manhattan-based, alternative commercial real estate lender supplied the $23 million loan for City View Apartments, a five-story, 117-unit multifamily building that will feature 3,500 square feet of ground-floor retail. Dwight Managing Principal Adam Sasouness originated the transaction.

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Located in Downtown Lansing at 503 South Capitol Avenue, City View Apartments is situated within walking distance of the Michigan State Capitol building and roughly four miles from Michigan State University. Its amenities will include a fitness center and parking garage.

The project is slated for completion at the end of 2023.

Officials for WestPac, the Santa Barbara, Calf.- based developer for City View Apartments, did not immediately respond to a request for comment on the construction loan.

Andrew Coen can be reached at acoen@commercialobserver.com.