Dwight Capital Provides $45M Loan for Central Valley Community
Latco Enterprises owns the 272-unit property in Fresno, Calif.
Villa Lucia Apartments. Image courtesy of Dwight Capital
Dwight Capital has provided to Latco Enterprises a $45 million loan for Villa Lucia Apartments, a 272-unit multifamily community in Fresno, Calif.
The HUD 223(f) loan has a 35-year fixed rate. The refinance had a Green Mortgage Insurance Premium Reduction, set at 25 basis points because the property qualifies for NGBS Bronze Certification.
This is the second time Dwight provides financing for the luxury community. In 2016, Latco Enterprises received a $28.1 million HUD 223(f) loan from the company. Ari Mandelbaum originated both transactions.
Completed in 2006, Villa Lucia encompasses one-, two- and three-bedroom apartments ranging between 806 and 1,283 square feet. The community offers a clubhouse spread across 20 acres, 19 garage buildings, a fitness center, barbecue areas, a swimming pool, a playground and a spa. In-unit amenities include washers and dryers, vaulted ceilings, appliances and patios or balconies. Villa Lucia also features on-site maintenance and management, package receiving, night patrol and controlled access.
The luxury property is located at 4262 W. Figarden Drive, in northwest Fresno. There are multiple dining options, retail centers and entertainment venues in the area, including Island Waterpark. United Health Centers-Fresno is only 1 mile from the community.
Dwight Capital also provided a $55.1 million HUD construction loan to Housing Trust Group and Treger Partners for the development of a 288-unit luxury community in Phoenix.
