Dwight Capital Lends $42M on North Carolina Apartments Build
Cheferkon Partners is developing a 184-unit multifamily complex in Winston Salem, near Wake Forest University
By Andrew Coen November 13, 2026 1:26 pm
reprints
An investment group led by Cheferkon Partners has sealed $42 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to develop a North Carolina multifamily property, Commercial Observer has learned.
Dwight Capital originated the HUD 221(d)(4) construction loan for the sponsorship’s planned 184-unit One Salem Apartments project in Winston-Salem, N.C., in a deal originated by Brandon Baksh. The nonrecourse debt was structured with a fully amortizing 40-year term designed to give the borrower long-term stability and predictable service payments, according to Dwight.
Greg Chew, who co-founded Cheferkon Partners with Raihan Ferdous, said the property has strong multifamily fundamentals with limited supply in the market, as well as a beneficial location around 10 minutes from Downtown Winston-Salem with a number of major retailers nearby, including Walmart and Target. He noted that its close proximity to Wake Forest University is another demand driver.
Located at 119 Brookstown Avenue on a 15-acre site four miles south of Wake Forest, the garden-style apartment complex will have units ranging from one to three bedrooms along with detached garages in eight buildings. Community amenities will include a clubhouse, a fitness center, a business center, a swimming pool, barbeque grilling stations, a pickleball court and a dog park.
The One Salem Apartments project is slated for full completion in 2028, but Cheferkon hopes to have the first building finished by 2027’s third quarter. Chew noted that the loan’s flexible structure is conducive given that the lease-up of the property will happen in phases.
“We have an anticipated lease-up schedule as soon as the buildings start coming online,” Chew said. “That starts to build up income, and that helps offset some of the financing costs.”
Ferdous said the investment group for One Salem Apartments has five other partners, and Cheferkon is looking to add more partners by the end of the year. The project marks the first ground-up development in North Carolina for Lilburn, Ga.-based Cheferkon after developing a number of projects in the Atlanta region.
Andrew Coen can be reached at acoen@commercialobserver.com.
