Dwight Capital Provides $30M HUD Loan for Las Vegas Community
- Mar 12, 2021
Dwight Capital has secured $30.2 million in financing for the 2008-built Cabrillo Apartments in Nevada’s Spring Valley West submarket. The loan included a Mortgage Insurance Premium reduction at 25 basis points for the asset’s Energy Star certification. Dwight Capital’s Brandon Baksh originated the transaction.
The Clark County asset was previously subject to a HUD 223(f) loan originated by Midland States Bank in 2019. That loan amounted to $30,187,000, according to Yardi Matrix data. The community is located at 7955 Badura Ave. and features six apartment buildings, with a total of 242 units and floor plans ranging from one- to three-bedroom units, according to Yardi Matrix data.
The suburban property affords easy access to the Bruce Woodbury Beltway and is located near several restaurants and less than 2 miles from two large shopping centers. Cabrillo’s amenities include controlled access, a pool, a fitness center, a business center and package lockers.
In February, Dwight Capital closed $29.8 million in HUD financing for Villa Vita Apartments, a multifamily community located in Peoria, Ariz., some 25 miles northwest of central Phoenix. The company also provided a $28.7M HUD 223(f) loan to refinance a 145-unit development in Menands, N.Y.