Dwight Capital has agreed on a deal to provide $23 million of U.S. Department of Housing and Urban Development Housing (HUD) debt to refinance a garden-style apartment complex in Southern California.
The Manhattan-based lender supplied the HUD loan to Tuscany Hills Apartment Homes, a 144-unit facility in Moreno Valley, Calif., around 60 miles east of Los Angeles.
Dwight Managing Principal Josh Sasouness and Vice President Daniel Malka introduced the transaction.
According to Dwight officials, the HUD-backed debt package includes a green mortgage insurance premium reduction set at 0.25% as a result of the property qualifying for green/energy-efficient housing.
Located at 21012 Box Springs Road, the 2005-built Tuscany Hills Apartment Homes is situated on a gated property with 15 one- and two-story buildings. The 8.6-acre property also features three common area buildings with amenities that include a pool, spa fitness center and community park.
The apartment complex comprises one-, two- and three-bedroom units. Monthly rents for two-bedroom units range from $1,1975 to $2,145, according to Apartments.com.