Dwight Capital Completes $38M Refi on Apartments Near Disney World
Manhattan-based Dwight Capital has closed a deal supplying $38 million of agency-backed debt to refinance a multifamily asset in Orlando, Fla., near Disney World, Commercial Observer has learned.
The U.S. Department of Housing and Urban Development (HUD) loan was used for Pavilion at Lake Eve, a 264-unit apartment complex owned by an entity called GRE JV Orlando. Keith Hoffman, a managing director at Dwight Capital, and Jack Tawil, an originator there, led the transaction.
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.
The deal marked the second HUD closing Dwight facilitated with GRE JV Orlando.
“Keith and Jack approached us with the opportunity to refinance and helped us achieve very favorable terms,” Matthew Jacobs, managing director of GRE JV Orlando, said in a statement. “We look forward to working with the Dwight team on future transactions.”
Located at 12515 Lake Square Circle, eight miles from Disney World, the 2013-built Pavilion at Lake Eve comprises six apartment buildings with a net rentable area of 263,000 square feet on 9.3 acres. Its amenities feature a 24-hour fitness center, a library, an outdoor grilling station, a private movie theater and a swimming pool with a sundeck.
Monthly rents at Pavilion at Lake Eve range from $1,455 for studios to $2,432 for three-bedroom units, according to Apaprtments.com.
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