Multifamily developer Signature Management has secured $26.6 million of U.S Department of Housing and Urban Development-backed debt to refinance a garden-style apartment complex in Las Vegas, Commercial Observer has learned.
Dwight Capital provided the HUD 223(f) loan for Signature’s The 95 Apartments property. Josh Sasouness, Dwight’s managing principal, and Keith Hoffman, managing director, originated the transaction.
The HUD loan benefited from a Green Mortgage Insurance Premium Reduction since the property is National Green Building Standard certified, according to Dwight. It marked the second financing from Dwight for The 95 Apartments and fourth HUD transaction from the alternative lender on behalf of Signature.
Located at 100 West Alexander Road in Northwest Las Vegas, The 95 Apartments comprise 224 units across 13 two-story buildings. The property’s amenities include a dog park, a swimming pool, storage rooms, and barbecue and picnic areas.
Monthly rents at The 95 Apartments range from $1,087 for studios to $2,129 for two-bedroom units, according to Apartments.com.
Officials at Dwight and Signature did not immediately return requests for comment.
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