Dwight Capital closed a transaction providing nearly $ 33 million in US Department of Housing and Urban Development (HUD) – Supported financing for the refinancing of a home-style apartment community in South Carolina, the Commercial Observer discovered.
The New York-based lender provided the HUD 223 (f) withdrawal refinancing for Spring on Laurens Road, an asset of 272 units in Greenville, SC. The loan includes a reduction in the green mortgage insurance premium (MIP) to 0.25 percent, as the 18.4-acre property is designated as environmentally friendly / energy-efficient housing, according to Dwight officials.
Dwight Capital Managing Director Josh Sasouness and Administrative Director Kevin Lifshitz originated the business.
Spring at Laurens Road officials declined to comment on the loan.
Located in 1401 Laurens View Road, the gated community consists of 13 two-story apartment buildings; a one-story rental office / club; an attached car service center; and six separate garage structures. Amenities include a resort-style pool, outdoor grill, gym, pet playground and spa area, plus 24-hour emergency maintenance.
Spring at Laurens Road monthly rentals range from $ 969 for studios to $ 1,826 for three bedrooms, according to Apartments.com.