Dwight Capital Closes $35M Loan for Detroit-Area Asset
- Jul 01, 2021
Dwight Capital has provided a $34.5 million HUD loan for Central Park Estates, a 254-unit community in Novi, Mich. Dwight managing directors, Josh Hoffman and Kevin Lifshitz, worked on behalf of the borrower.
The refinance marks the company’s third for the property. According to Yardi Matrix data, the latest loan retires a $26.7 million credit originated in 2017 and set to mature in 2050.
Since Central Park Estates qualifies as energy-efficient housing, having obtained National Green Building Standard certification, the borrower also qualified for HUD’s Green MIP Reduction, setting the annual mortgage insurance premium at 0.25 percent.
The pet-friendly community is located at 47305 Central Park Blvd. and was built in phases between 2001 and 2003. The property provides one-, two- and three-bedroom apartments, averaging 1,319 square feet across its 43 two- and three-story buildings. The townhome-style community features a business center, a fitness center, swimming pools, a sauna, a playground, basketball and tennis courts.
The property is across the street from the local branch of Ascension Providence Hospital and within minutes of a 549,000-square-foot retail center neighboring Oakland Hills Memorial Gardens. Central Park Estates is roughly 30 miles away from both downtown Detroit and Ann Arbor, Mich.
Dwight Capital has been active in the Midwest. The company recently closed a $56 million loan for eight skilled nursing facilities across suburban Chicago. The funding refinanced the portfolio’s existing capital structure.