Dwight Capital closes $ 30 million refi for Phoenix assets
Dwight Capital has secured $ 29.8 million in HUD funding for Villa Vita Apartments in Peoria, Arizona, a community of 183 units completed in 2019.
The loan included a reduction in the green mortgage insurance premium to 25 basis points for the asset’s ecological habitat classification. The property was previously the subject of an $ 18 million construction loan secured in 2018, according to data from Yardi Matrix. Dwight Capital Managing Director Brandon Baksh and initiator Karnveer Bal are behind the current loan.
The garden-style property, located at 8175 W. Ludlow Drive, is owned by developer Treger Partners, based in Scottsdale, Ariz., According to Yardi Matrix. The community consists of 12 buildings, including seven three-story apartment buildings and three garages. Floor plans range from studios to two-bedroom units.
Villa Vita is located west of the Agua Fria Freeway, approximately 40 kilometers northwest of central Phoenix. Arrowhead Towne Center and Arrowhead Crossing, two major shopping centers, are located less than 3 miles north of the community.
Community amenities include a swimming pool with cabanas, dog park, in-unit laundry facilities, bicycle storage, community clubhouse, and fitness center. Green features include eco-friendly shower heads and faucets, smart light fixtures, Energy Star certified appliances, and electric vehicle charging stations.