Dwight Capital Lends $55M on Chicago Area Apartment Asset

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Dwight Capital has closed on a deal to provide $55 million of agency-backed debt to refinance a multifamily property in suburban Chicago, Commercial Observer has learned.

The U.S. Department of Housing and Urban Development 223(a)7 loan retires previous financing on Mallard Lake Apartments, a 481-unit apartment complex in Wheeling, Ill. Dwight Managing Director Keith Hoffman originated the transaction, which closed as the largest HUD 223(a)(7) loan in Illinois history. 

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

Located at 1572 Teal Lane, Mallard Lake Apartments comprises 52 one- and two-story buildings as well as a leasing office. Its amenities include fitness center, community room, tennis court and swimming pool.

Monthly rents range from $1,235 for one-bedrooms to $1,990 for two-bedroom units, according to Apartments.com. 

Representatives for Mallard Lake Apartments did not immediately respond to a request for comment.

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