Baltimore-Area Asset Lands $27M HUD Refi
- Apr 23, 2021
Dwight Capital has secured $26.7 million in HUD refinancing for Enclave at Box Hill Phase II in Abingdon, Md., a 2018-completed, 149-unit phase of a community owned by Bavar Properties Group.
The loan qualified for a reduced Mortgage Insurance Premium set at 25 basis points, thanks to its Energy Star certification. Brian Yee originated the transaction. Dwight Capital also originated $39.9 million in HUD 223(a)(7) permanent financing in March 2020 for the first phase, which was completed in 2016, according to Yardi Matrix data.
Enclave at Box Hill’s second phase comprises seven buildings. Floorplans range from one to three-bedroom units, with a mixture of traditional units and townhomes. A Dwight Capital representative told Multi-Housing News that the Harford County asset was approximately 98 percent occupied at the time of closing.
The two phases, which add up to 389 units, share community amenities including a fitness center with yoga room, a business center, an outdoor kitchen with grilling station, a resort-style pool, a fire pit, a dog park and a walking trail.
A Wegman’s supermarket is within walking distance of Enclave, along with two shopping centers and several restaurants. The community, located at 3405 McCurley Drive, is 25 miles northwest of downtown Baltimore and located just off Interstate 95.