Dwight Capital Closes $30M Refi for Phoenix Asset

The recently completed 183-unit community sits west of Agua Fria Freeway.
Villa Vita Apartments. Image courtesy of Dwight Capital

Dwight Capital has secured $29.8 million in HUD financing for Villa Vita Apartments in Peoria, Ariz., a 183-unit community completed in 2019.

The loan included a Green Mortgage Insurance Premium reduction to 25 basis points for the asset’s green-housing classification. The property was previously subject to an $18 million construction loan secured in 2018, Yardi Matrix data shows. Dwight Capital Managing Director Brandon Baksh and Originator Karnveer Bal originated the current loan. 

The garden-style property, located at 8175 W. Ludlow Drive, is owned by Scottsdale, Ariz.-based developer Treger Partners, according to Yardi Matrix. The community consists of 12 buildings, including seven three-story apartment buildings and three garages. Floor plans range from studios to two-bedroom units.  

Villa Vita is situated west of Agua Fria Freeway, some 25 miles northwest of central Phoenix. Arrowhead Towne Center and Arrowhead Crossing, two large shopping centers, are located less than 3 miles north of the community. 

Community amenities include a swimming pool with cabanas, a dog park, in-unit laundry, bicycle storage, a community clubhouse and a fitness center. Green features include eco-friendly showerheads and faucets, smart light fixtures, Energy Star certified appliances and electric vehicle charging stations.