Dwight Capital Refis Carson City Apartments With $30M HUD Loan
By Andrew Coen October 23, 2025 12:19 pm
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Kingsbarn Realty Capital has landed a $30 million loan backed by U.S. Department of Housing and Urban Development (HUD) debt to refinance a newly built multifamily asset in Nevada’s capital, Commercial Observer has learned.
Dwight Capital originated the HUD 223(f) loan to refinance the Marlette, a 140-unit apartment property in Carson City, Nev., that debuted in late 2023. The bridge-to-HUD loan retires a bridge loan provided to complete construction costs in March 2024 from Dwight Mortgage Trust, an affiliate real estate investment trust of Dwight Capital, as CO first reported at the time.
Fident Capital’s Kevin Choquette arranged the HUD transaction.
“The cash neutral loan, facilitated by the rate buydown, gives this qualified opportunity zone deal the duration to complete a 10-year hold along with the free optionality to own the as with fixed-rate debt for an additional 25-years, or assign the debt to a buyer for 5 basis points at the time of sale,” Choquette said.
Located at 1008 Little Lane less than a mile from the Nevada State Capitol, the Marlette features a mix of 80 one-bedroom apartments and 60 two-bedroom units. Community amenities include a swimming pool, a spa, a dog park, a fitness center, a playground and outdoor grilling areas. The project received National Green Building Standard certification.
Philip Mader, president of Kingsbarn Capital & Development, said the the refinance helps “further strengthening our portfolio” and aligns with our long-term investment strategy.”
Officials at Dwight did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
