Dwight Capital has provided a $ 34.5 million HUD loan to Central Park Estates, a community of 254 units in Novi, Michigan. Dwight CEOs Josh Hoffman and Kevin Lifshitz worked on behalf of the borrower.
The refinancing marks the company’s third for the property. According to data from Yardi Matrix, the latest loan removes a $ 26.7 million loan created in 2017 and due to mature in 2050.
Since Central Park Estates is considered energy efficient housing, having achieved National Green Building Standard certification, the borrower also qualified for HUD’s Green MIP reduction, setting the annual mortgage insurance premium at 0. , 25%.
The pet-friendly community is located at 47305 Central Park Blvd. and was constructed in phases between 2001 and 2003. The property offers one, two and three bedroom apartments, averaging 1,319 square feet in its 43 two and three storey buildings. The townhouse-style community includes a business center, fitness center, swimming pools, sauna, playground, basketball and tennis courts.
The property is across from the local branch of Ascension Providence Hospital and minutes from a nearby 549,000 square foot shopping mall in Oakland Hills Memorial Gardens. Central Park Estates is approximately 30 miles from downtown Detroit and Ann Arbor, Michigan.
Dwight Capital has been active in the Midwest. The company recently closed a $ 56 million loan for eight skilled nursing facilities in suburban Chicago. The financing refinanced the existing capital structure of the portfolio.