Dwight Capital Refis Iowa Apartments With $47M HUD Loan
The lender also supplied $15.3 million to refinance the developer’s St. Paul, Minn., multifamily property.
By Andrew Coen July 14, 2025 12:58 pm
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Continental Properties has sealed $46.6 million of debt backed by the U.S. Department of Housing and Urban Development (HUD) to refinance an Iowa multifamily property, Commercial Observer has learned.
Dwight Capital closed the HUD 223(f) loan for the 316-unit Springs at Bettendorf property at 3939 53rd Avenue in Bettendorf, Iowa. Loan proceeds will be used to retire existing debt, fund repairs and establish a reserve for future capital expenditures.
The market-rate townhome-style community has studio to three-bedroom apartments within 15 two-story buildings. Community amenities include a clubhouse, a fitness center, a swimming pool, a dog park and a car wash station.
Menomonee Falls, Wisc.-based Continental Properties also landed a $15.3 million HUD 223(f) loan from Dwight to refinance its 118-unit The Grove property at 246-258 Snelling Avenue in St. Paul, Minn., that also comprises 4,300 square feet of ground-floor retail space. The six-story building, which has studio to three-bedroom layouts, features amenities that include a fitness center, a rooftop sky lounge and a community room.
Josh Sasouness, co-founder and managing principal of Dwight Capital, said in a statement that the lender has closed around “a dozen” transactions for Continental Properties in the last decade and called them a “role model” for the CRE industry.
Representatives of Continental Properties did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
