Dwight Lends $26M on Apartment Asset Near Dallas
Manhattan-based Dwight Capital has closed on a deal providing a $25.8 million debt package for the refinancing of a multifamily property in the Dallas-Fort Worth metropolitan area, Commercial Observer has learned.
The lender supplied the loan for Majestic Parc Apartments, a 217-unit complex in Denton, Texas. Dwight Vice President Daniel Malka originated the transaction. Fisher Wells of Greysteel served as a correspondent on the deal.
The 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.
Speaking about the Dwight executives on the deal, Von L. Best, sponsor of Majestic Parc, said in a statement: “Their transaction creativity produced unexpected cashflow over competing bids.”
Built between 2018 and 2019, Majestic Parc at 2700 E McKinney Street comprises six three-story apartment buildings on more than 10 acres. Amenities include community room, fitness center, swimming pool and biking/walking trails.
Monthly rents at Majestic Parc range from $1,150 for one-bedrooms up to $1,626 for two-bedrooms, according to Apartments.com.
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