Continental Properties Lands $47M Refi for Illinois Community

Dwight Capital closed the HUD loan for the firm's 300-unit property in South Elgin.
Springs At South Elgin. Image courtesy of Dwight Capital

Continental Properties has received a $47.3 million HUD 223(f) refinancing loan for Springs at South Elgin, located in Chicago’s I-90 Golden Corridor submarket. Dwight Capital closed the loan on behalf of the owner. 

Completed in 2018, the property sits on 16.7 acres at 350 Gyorr Ave., according to Yardi Matrix. 

The townhome-style community comprises 300 units across 15 two-story buildings. Floorplans range from studios to three-bedroom apartments. Units feature energy-efficient appliances, granite countertops, hardwood-style flooring, an in-home washer and dryer, and a private balcony or patio. 

Springs at South Elgin is conveniently located near two shopping centers and several restaurants within a 1-mile radius, and the community is just 10 miles from Interstate 90.

Property amenities include controlled access, a resort-style swimming pool, a fitness center, a clubhouse, a car-care center, a pet playground and a spa area.

Josh Sasouness and Kevin Lifshitz originated the transaction. The HUD loan includes a Green Mortgage Insurance Premium reduction to 25 basis points, earned because of the property’s Energy Star certification.

This is the sixth refinance that Dwight has closed for Continental Properties. Last month, Dwight Capital closed financing for Enclave at Box Hill Phase II in Abingdon, Md.