Dwight Capital Supplies $35M Refinance on Michigan Apartments

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Dwight Capital has closed on a deal providing $35.4 million of agency debt to refinance a multifamily asset in suburban Detroit, Commercial Observer has learned.

The Manhattan-based alternative lender supplied the U.S. Department of Housing and Urban Development loan for The Gables of Troy, a 544-unit apartment complex in Troy, Mich., about 18 miles outside of Detroit. Karnveer Bal, an originator at Dwight, led the transaction.

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

Located at 500 Coachman Drive, The Gables of Troy comprises 42 three-story apartment buildings and a clubhouse. The community’s amenities feature dog park, media room, fitness center, racquetball court and two outdoor pools.

Representatives for The Gables of Troy did not immediately respond to a request for comment about the loan. 

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