Dwight Capital Provides $33M HUD Loan for Washington State Property
Dwight Capital financed the federal loan for the Corporate Pointe Developers-owned community.
Corporate Pointe Developers, a Pullman, Wash.,-based commercial real estate developer and owner, has refinanced Pimlico Apartments, a 361-unit complex near Washington State University in Pullman. The financing consists of a $32.9 million U.S. Department of Housing and Urban Development loan from Dwight Capital.
Dwight Capital Managing Director Keith Hoffman and Jack Tawil, a Dwight Capital loan originator, originated the transaction for Corporate Pointe. The loan benefitted from a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points due to Pimlico Apartments’ Energy Star and National Green Building Standard certifications.
Located at 1455 NE Brandi Way, Corporate Pointe built Pimlico Apartments in two phases. Phase I, with 180 units, was completed in 2014 and Phase II, with 181 units, was completed in 2016. The apartment complex currently is nearly 90 percent occupied, according to Yardi Matrix.
The property owner previously received a HUD 223(f) loan for approximately $29.8 million originated by Midland States Bank in August 2017. That loan, amortized on a 35-year schedule and carrying a note rate of 3.27 percent, was due to mature on Sept. 1, 2052.
The property comprises 30 three-story buildings on 17 acres, including an onsite management office and parking facilities. Covered parking is available for an additional monthly fee. The units have private balconies or patios, washers and dryers are available in all apartments, while three-bedroom units also include fireplaces. The complex has one-, two- and three-bedroom floorplans ranging in size from 584 to 1,008 square feet with an average apartment size of of 717 square feet. Rents range from $895 to $1,484 with an average of $1,090, according to Yardi Matrix data.
Corporate Pointe Developers has operated in the Pullman and Moscow, Idaho, area for more than 20 years. K. Duane Brelsford heads the company which develops and owns multifamily, commercial, theater and restaurant properties in the region.
Last month, Dwight Capital provided a $45 million HUD 223(f) loan to Latco Enterprises, the owner of Villa Lucia Apartments, a 272-unit, 20-acre luxury multifamily property in Fresno, Calif.