Dwight Capital closes $ 35 million loan for asset in Detroit area

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Central Park Estates

Dwight Capital provided a $ 34.5 million HUD loan to Central Park Estates, a community of 254 apartments in Novi, Michigan. Managing Directors Dwight Josh Hoffman and Kevin Lifshitz worked on behalf of the borrower.

Refinancing is the third company in terms of real estate value. According to the Yardi Matrix, the latest loan repays a $ 26.7 million loan issued in 2017 and due in 2050.

Because Central Park Estates qualifies as energy efficient housing by being certified by the National Green Building Standard, the borrower is also eligible for the HUD Green MIP Reduction program by charging an annual mortgage premium of 0.25 percent.

The pet-friendly community is located at 47305 Central Park Blvd. and was built in stages from 2001 to 2003. The property offers one, two and three-bedroom apartments, an average of 1,319 square feet in 43 two- and three-story buildings. This urban residential complex has a business center, fitness center, swimming pools, sauna, playground, basketball and tennis courts.

The hotel is across the street from the local Ascension Providence Hospital and minutes from the 549,000 square foot shopping center adjacent to the Oakland Hills Memorial Gardens. Central Park Estates is located approximately 48 km from downtown Detroit and Ann Arbor, Michigan.

Dwight Capital is active in the Midwest. The company recently closed loan of 56 million dollars for eight specialized medical institutions in the suburbs of Chicago. Financing allowed refinancing of the existing capital structure of the portfolio.

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