Dwight Capital Refis Two California Multifamily Properties With $53M in HUD Loans
Tesseract Capital Group has secured $53.4 million in HUD loans for two multifamily apartment properties in Modesto, Calif., Commercial Observer has learned. Dwight Capital provided the loans.
Located at 3601 Prescott Road, Summerview Apartments is a 136-unit apartment community consisting of 19 two-story residential apartment buildings. Renovated in 2020, the project’s amenities feature a barbeque and picnic area, fitness center, pool and spa. Dwight Capital provided a $30.98 million HUD refinance for the asset.
Dwight also provided a $22.43 million HUD financing for The Marc at 1600, located a mile from Summerview at 1600 Standiford Avenue. The 100-unit garden-style apartment community was renovated in 2020 and is composed of 17 two-story apartment buildings situated on approximately 4.3 acres. Its amenities include a pool, fitness room and gated parking.
The HUD loans qualified from the Green Mortgage Insurance Premium reductions because both sites are certified under the National Green Building Standard. Dwight also closed two bridge refinances ($28.4 million and $21 million) for these properties in August 2021 through its mortgage REIT affiliate Dwight Mortgage Trust. Josh Sasouness originated each of the transactions on behalf of the borrower.
Tesseract Capital Group officials did not immediately respond to a request for comment. Dwight Capital declined to comment.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
