Norfolk Community Lands $36M Refi

Dwight Capital provided the HUD loan for the 225-unit multifamily asset.
201 Twenty One Apartments

Canoe Brook has taken a $35.7 million HUD refinancing package for 201 Twenty One Apartments, a 225-unit multifamily asset in Norfolk, Va. Dwight Capital provided the loan. 

Loan terms include a Mortgage Insurance Premium reduction to 25 basis points due to the property’s Energy Star certification. The financing retires a $37.7 million HUD mortgage originated by Berkadia in 2017, Yardi Matrix data shows.

Completed in 2010, the four-story apartment building sits on a 3-acre site at 201 W. 21st St. The community has studio and two-bedroom units ranging from 680 to 1,427 square feet. Resident amenities include a gym, business center, clubhouse and swimming pool. The property’s ground floor includes 4,500 square feet of retail space with tenants including Five Guys and Walgreens.

The community is in a large retail area in the historic Ghent neighborhood, less than 2 miles from the Eastern Virginia Medical Center and downtown Norfolk.

Dwight Capital Vice President Daniel Malka helped structure the loan. In July, the company closed a $60 million refinancing deal for a 480-unit community in Amarillo, Texas.