Dwight Capital Refis South Carolina Apartments With $39M HUD Loan

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Arnold Family Corporation has secured a $38.8 million U.S. Department of Housing and Urban Development– backed debt package to refinance a waterfront South Carolina multifamily property, Commercial Observer has learned. 

Dwight Capital provided the HUD 223(f) loan for The Residence at Marina Bay in Irmo, S.C. Keith Hoffman, managing director at Dwight, originated the transaction. 

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

“Working through a HUD loan refinance not only takes a lot of time, but also requires attention to detail,” Ben D. Arnold, CEO of Arnold Family Corporation, said in a statement. “We look forward to working with [Dwight] on future loans.”

Located at 1600 Marina Road, the 2012-built property consists of 216 units in four apartment buildings with lake views on 11.34 acres. Its amenities include barbeque and picnic area, fitness center, business center, media room, recreation room and swimming pool with sundeck.

Monthly rents at The Residence at Marina Bay range from 1,421 for one-bedroom units to $4,079 for three-bedrooms, according to Apartments.com

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