Dwight Capital Provides $45M Refi for Dallas-Area Community
- Jul 08, 2021
Dwight Capital has provided a $45 million loan for Prairie Gate Community, a 264-unit property in Grand Prairie, Texas. Josh Sasouness, co-founder & CO-CEO of Dwight Capital, originated the refinancing.
The new HUD 223(f) loan has a 2.66 percent interest rate and is set to mature in 2056, according to U.S. Department of Housing and Urban Development records.
The mortgage retires a $36.8 million construction HUD loan from 2018, also funded by Dwight; the loan had a 4.67 percent interest rate and a 41-year term, Yardi Matrix data shows.
The community is LEED Certified, qualifying the property for HUD’s Green Mortgage Insurance Premium Reduction, placing the annual mortgage insurance premium at 0.25 percent. Recently, Dwight funded a $34.5 million HUD loan in Michigan that also benefitted from the same MIP Reducation program.
The 2019-built property is located at 3951 Dechman Drive. Prairie Gate provides one- to three-bedroom apartments with floorplans averaging 1,051 square feet. The pet-friendly property has eight three-story buildings and features a clubhouse, business center, fitness center, walking trail, dog park, playground, swimming pool and grilling area.
Prairie Gate neighbors Fish Creek Preserve and is less than a mile away from the South Carrier Parkway retail corridor that offers various retail and dining options. Downtown Dallas is approximately 18 miles northeast of the property, while downtown Fort Worth is 24 miles northwest.