Dwight Refis Sacramento Apartments With $33M Loan
By Andrew Coen September 27, 2024 10:40 am
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Tesseract Capital Group has landed $32.6 million of agency-backed debt to refinance a multifamily asset in Sacramento, Calif., Commercial Observer has learned.
Dwight Capital provided the U.S. Department of Housing and Urban Development (HUD) loan on Tesseract’s Westlake Apartments complex along Lake Greenhaven. Proceeds from the loan will be used to retire existing debt and execute property improvements to the 1969-built facility.
The loan includes a green mortgage insurance premium reduction of 0.25 percent since the property has a National Green Building Standard bronze certification, according to Dwight.
San Francisco-based Tesseract acquired Westlake Apartments for $38.05 million from Graceada Partners in late 2021. Graceada sold the property 15 months after purchasing it for $23.5 million in September 2020 and implementing $2.5 million in upgrades, according to the Sacramento Business Journal.
Located at 1 Shoal Court, Westlake Apartments features 148 units in 13 two-story buildings on 5.90 acres. Community amenities include a fitness center, a pool, a spa and access to a private beach.
Officials at Tesseract Capital Group and Dwight Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
