Dwight Capital Closes $62M in Financing for Midwest Apartment Properties
Dwight Capital closed a combined $61.9 million in HUD 223(f) financing for Springs at Bettendorf in Bettendorf, Iowa, and The Grove in Saint Paul, Minnesota. Both loans were closed on behalf of a repeat client, Continental Properties, based out of Menomonee Falls, Wisconsin.
Springs at Bettendorf is a townhome-style community comprised of 15 two-story apartment buildings with 316 market-rate units, a standalone clubhouse, and a maintenance building. It offers studio, one-, two-, and three-bedroom layouts. The Grove is a modern, six-story luxury community with 118 market-rate units, offering 28 unique floor plans that include studio, one-, two-, and three-bedroom apartments.
Springs at Bettendorf is ENERGY STAR certified, and The Grove is GreenPoint Gold Rated, underscoring their commitment to environmentally sustainable design and energy efficiency. The loan proceeds for both financings will be used to retire existing debt, cover closing costs, complete repairs, and establish funds for future capital expenditures.
Other News
Trez, Starwood Target US$1B In Annual Residential Land Loans
Vancouver-based Trez Capital is teaming with Starwood Capital to expand its U.S. residential land lending business, with the partnership expected to launch with a US$450M loan portfolio and originate more than US$1B annually. Announced Tuesday, the agreement will focus on financing land acquisition and development for single-family communities across the United States. The initial portfolio...
Learn more
Ottawa Looks To Build More Than An Arena At LeBreton Flats
The federal government wants developers to build a new neighbourhood beside the Ottawa Senators’ planned arena, the latest effort to revive LeBreton Flats and create a destination that draws people for more than hockey games and concerts. A new National Capital Commission process seeks expressions of interest for the Aqueduct District, part of the 29-hectare...
Learn more
One Beverly Hills Reaches Milestones Ahead of Schedule
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout