Dwight Capital has settled on a deal to supply $27.3 million of agency debt for the recapitalize of a multifamily asset in suburban Chicago.
The Manhattan-based lender provided the U.S. Department of Housing and Urban Development (HUD) loan for Algonquin Square Apartments, a 220-unit complex in Algonquin, Ill. Dwight Managing Director Brandon Baksh originated the deal.
As per Dwight officials, the HUD-backed transaction involves a green mortgage insurance premium discount set at 0.25% as the property qualifies as green/energy-efficient housing.
Located at 2400 Millbrook Drive roughly 40 miles northwest of Chicago the 2013-built property highlights 11 apartment buildings, two garage buildings, and a leasing office/clubhouse. Its facilities include a gym, business center, swimming pool with sun deck, outdoor grilling, and parlor areas.
Monthly rents at Algonquin Square Apartments range from $1,798 for one-bedroom units to $2,759 for two bedrooms.