NEW YORK--(BUSINESS WIRE)--Dwight Capital is pleased to announce that it has secured a $26 million HUD 223(f) loan for The Williamsburg, an 88-unit market rate apartment building located in Williamsburg, Brooklyn NY. The non-recourse fixed rate loan had a 35-year term with a flexible step-down prepayment schedule.
Chief Operating Officer, Tyler Griffin, commented on the refinancing, “The value of the asset had increased substantially since construction so it was an opportune time to refinance the property and extract equity. The project qualified for a lower Mortgage Insurance Premium (“MIP”) due to its Silver LEED Certification. Additionally, the owners were able to decrease their replacement reserves from over $900/unit to $250/unit.”
The green features of the building include construction using recycled and regional materials, renewable wood, low-emitting materials, and energy efficient appliances. Its prime location in South Williamsburg offers residents quick access to New York’s bustling art, music, culinary and craft scene. It features amenities such as a laundry room, fitness center, and bike and private storage. The property is in mint condition and required no repairs in the loan underwriting.