Dwight Capital Grants $41.8 Million On New Jersey Apartment Complex Refinance

Dwight Capital has decided on a deal to give $41.8 million of agency-backed mortgage for the refinance of a New Jersey multifamily asset.

The Manhattan-based lender supplied the U.S. Department of Housing and Urban Development (HUD) loan for Mi-Place at West Rancocas, a 232-unit apartment and townhome complex in Mount Holly, New Jersey., settled about 20 miles east of Philadelphia.

According to Dwight officials, Dwight Managing Principal Josh Sasouness started both transactions. The most recent HUD loan constitutes a green mortgage insurance premium reduction set at 0.25% since the property qualifies as green/energy-efficient housing.

Stationed at 1 Kirby Court, the 2016-built property consists of 10 three-story apartment buildings, one row of two-story townhouses, and a clubhouse located on more than 13.4 acres. Its facilities include a solar-powered clubhouse, dog park, fitness center, and an outdoor pool with a lounge area.