Dwight Capital Supplies $61M Refi on NoVA Affordable Housing Asset

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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.

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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