Dwight Capital Refis Utah Apartments With $32M HUD Loan
By Andrew Coen September 17, 2024 4:49 pm
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Developer Daniel Moore has nabbed $31.5 million of agency-backed debt to refinance an apartment complex in a suburb north of Salt Lake City, Utah, Commercial Observer has learned.
Dwight Capital provided the U.S. Department of Housing and Urban Development 223(f) loan on Fox Creek Apartments in Layton, Utah. Proceeds from the loan will be used to retire existing debt, pay for property enhancements and finance future capital improvements.
The HUD transaction includes a green mortgage premium reduction set at 0.25 percent since the property is awaiting approval under the GreenPoint Rated existing home multifamily certification program, according to Dwight.
Located at 1656 North Hill Field Road 25 miles north of Salt Lake City, the 186-unit garden-style Fox Creek complex features 10 residential buildings and a two-story clubhouse and leasing office. Community amenities on the 7.6-acre property include a playground, dog park, barbecue/picnic area, fitness center, and a pool with a hot tub.
Fox Creek Apartments is also 21 miles southwest of the Snowbasin Resort, which is scheduled to host downhill skiing at the 2034 Winter Olympics. It is also less than a mile from the SeaQuest Utah aquarium.
Representatives at Dwight and for Moore did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
