Dwight Capital Supplies $61M Refi on NoVA Affordable Housing Asset
By Andrew Coen January 18, 2022 10:00 am
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Dwight Capital has closed on a deal providing $60.8 million of agency-backed debt for the cash-out refinance of an affordable housing complex in Northern Virginia, Commercial Observer has learned.
The Manhattan-based alternative commercial real estate lender supplied the U.S. Department of Housing and Urban Development 223(f) loan for Coppermine Run, a 288-unit affordable apartment community in Herndon, Va., near Washington Dulles International Airport. Dwight Managing Director Brandon Baksh originated the transaction.
Clark Realty Capital, which owns the affordable housing property, could not immediately be reached for comment on the loan.
“From underwriting to closing, this was a great job by the Dwight Capital team to preserve affordable housing in Northern Virginia,” Baksh said in a statement.
The HUD 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.
Located at 2450 Masons Ferry Drive in Fairfax County, four miles from Dulles, Coppermine Run consists of 11 four-story residential buildings situated on 15.7 acres. The amenities include basketball and multi-sport court, fitness center, playground, swimming pool with sundeck and walking paths.
Andrew Coen can be reached at acoen@commercialobserver.com.
