Dwight Capital Lends $29M on Monte Sano Terrace Apartments in Alabama
Dwight Capital provided $29 million of debt to refinance an Alabama apartment complex, Commercial Observer has learned.
The Manhattan-based, alternative commercial real estate lender supplied the loan for Monte Sano Terrace, a 324-unit multifamily asset in Huntsville, Ala., owned by Tibs Realty. Dwight Managing Director Brandon Baksh and Vice President Daniel Malka originated the transaction.
The 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 125 Ridgegate Place, Monte Sano Terrace comprises 23 garden- and townhome-style buildings and a clubhouse/leasing office situated on 25 acres. Its amenities include a fitness center, swimming pool, business center, sports court, dog park, picnic area and a playground.
Monthly rents at Monte Sano Terrace range from $735 for one-bedroom units to $1,025 for three-bedroom apartments, according to Apartments.com.
Monte Sano Terrace did not immediately respond for comment.
Andrew Coen can be reached at email@example.com.