Dwight Capital Closes $29M HUD Refi in New York
The property, turned residential from industrial in 2016, is within 2 miles of downtown Albany.
Dwight Capital has provided a $28.7M HUD 223(f) loan to refinance Albany Lofts at One Broadway, a 145-unit development in Menands, N.Y. Managing Director Josh Hoffman originated the transaction, which included a Green Mortgage Insurance Premium reduction to 25 basis points, earned for the asset’s Energy Star certification.
The 1902-built property is north of downtown Albany and includes one apartment building and nine supplementary parking structures. The four-story building was originally built for use as a warehouse for the former Albany Felt Co. and was converted to multifamily housing in 2016. Building renovations retained the property’s historical elements alongside the addition of contemporary updates.
Unit floor plans range from studios to three-bedroom units. The community features a fitness center, business center, swimming pool, yoga room, basketball court and music room. Units are outfitted with stainless steel appliances, granite countertops and full-size washers and dryers.
The property’s central location provides easy access to the Capital Region and several major highways. The community is just 2 miles from downtown Albany, 5 miles from Troy and 7 miles from Latham, with the New York State Capitol, the Times Union Center and the Albany Institute of History and Art all within 3 miles.