Dwight Capital Provides $40M HUD Financing on Delaware Residential Development
The federal-backed loan will develop a residential townhouse community complex
Allen & Rocks has secured a $38.8 million U.S. Department of Housing and Urban Development (HUD) loan to build the Villas at Bridgeville, a 152-unit townhouse community complex in Bridgeville, Del., Commercial Observer has learned.
Dwight Capital provided the HUD 221(d)(4) loan, which includes a green mortgage insurance premium reduction set at 25 basis points since the property is in the process of achieving a National Green Building Standard Bronze certification.
Daniel Malka and Jacob Gauptman of Dwight originated the financing, which marks the tenth total transaction closed between Dwight and Allen & Rocks.
The Northern Virginia-based Allen & Rocks’ portfolio includes residential properties in Baltimore, Md. and Silver Spring, Md., and commercial assets in Tyson’s Corner, Va., and Rockville, Md.
“We are thankful for the excellent execution provided by the entire team at Dwight Capital,” said Michael Rocks, president at Allen & Rocks. “Dwight guided us through the 221(d)(4) process seamlessly and never missed a beat from concept meeting to firm commitment. We are particularly impressed by their underwriting and closing teams’ attention to detail.”
The Villas at Bridgeville is expected to include 34 townhouse- or duplex-buildings across 23 acres. Additionally, a separate building will house a clubhouse, pool house and leasing office.
Amenities across the complex encompass fitness center, playground, walking trails and golf course, while individual units include two-car garages, backyard patios and stainless-steel appliances.
Delivery is expected to begin February 2024 for a development that is “just a short drive to the stunning Delaware Beaches,” according to Rocks.
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