Dwight Capital Refis Georgia Apartments With $43M HUD Loan

Multifamily developer Hillpointe has landed a $43.1 million loan backed by the U.S. Department of Housing and Urban Development (HUD) to refinance a newly built Georgia apartment community, Commercial Observer has learned.

Dwight Capital closed the HUD 223(f) loan for Hillpointe’s 264-unit Pointe Grand Brunswick property in Brunswick, Ga., in a deal originated by Josh Hoffman and Jonathan Pomper. Loan proceeds will be used to pay off outstanding debt, which includes a previous bridge loan provided by Dwight Mortgage Trust, an affiliate real estate investment trust of Dwight Capital.

The deal qualified for a green mortgage insurance premium reduction to 0.25 percent, since the property has earned National Green Building Standard bronze-level certification, according to Dwight. 

Located 80 miles south of Downtown Savannah at 3500 Grand Pointe Way on a 23-acre lakefront property, Pointe Grand Brunswick comprises eight three-story, garden-style apartment buildings with all units consisting of two bedrooms and two bathrooms. Community amenities include a clubhouse, a fitness center, a dog park, a pool with cabanas, and fire pits.

“Working with Hillpointe, one of the nation’s top developers, to refinance its recently stabilized asset in Brunswick was a great opportunity and a strong addition to Dwight’s $13 billion-plus loan servicing portfolio,” Hoffman, managing director at Dwight Capital, said in a statement. 

Officials at Hillpointe did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com