Dwight Capital Provides $33M Refinance on Atlanta Apartments
Dwight Capital is providing $32.5 million of U.S. Department of Housing and Urban Development (HUD) debt to refinance a multifamily property in suburban Atlanta, Commercial Observer can first report.
The Manhattan-based alternative lender provided the HUD 223(f) loan for Walton Centennial Apartments, a 250-unit apartment complex in Roswell, Ga. owned by Walton Communities. Brandon Baksh, a managing director at Dwight, and originator Karnveer Bal spearheaded the transaction.
The HUD-backed financing includes a green mortgage insurance premium reduction set at 0.25 percent because the property qualifies as green and energy-efficient housing, according to Dwight officials.
Located at 900 Walton Way about 25 miles outside of Atlanta, Walton Centennial Apartments comprises 10 apartment buildings located on 43 acres, which include a nature preserve. The 2002-built property’s amenities include a business center, a fitness center, a library, a playground, a swimming pool and a walking trail.
Monthly rents at the property range from $1,745 for one-bedroom units to $3,622 for three-bedrooms, according to Apartments.com.
Officials for Walton Communities did not immediately respond for comment on the loan.
Andrew Coen can be reached at email@example.com.