Dwight Refis Apartments Near Washington State Univ. With $33M Loan
By Andrew Coen February 10, 2023 11:55 am
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Corporate Pointe Developers has landed $32.6 million of U.S. Department of Housing and Urban Development-backed debt to refinance a multifamily asset near Washington State University (WSU), Commercial Observer has learned.
Manhattan-based Dwight Capital provided the HUD 223(f) loan on the sponsorship’s Pimlico Apartments property in Pullman, Wash., a small college town seven miles from the Idaho border.
Dwight’s Keith Hoffman and Jack Tawil originated the transaction.
The loan benefited from Green Mortgage Insurance Premium Reductions since the property is National Green Building Standard-certified.
Located at 455 Northeast Brand Way less than a mile from the WSU campus, the 361-unit apartment complex comprises 30 three-story buildings, an on-site management office and parking spread over 17 acres. The project was completed in two phases, with the initial one finished in 2014 and the second part in 2016.
Officials at Dwight and Corporate Pointe Developers did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
