Dwight Capital Provides $30M HUD Loan for Las Vegas Community

The Clark County community is convenient to major roadways and lies 15 miles from downtown Las Vegas.
Cabrillo Apartments. Image courtesy of Dwight Capital

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.