Dwight Capital Closes HUD Refi on South Elgin Apartments
Dwight Capital closed a $47.36-million HUD 223(f) refinance for Springs at South Elgin, a 300-unit townhome-style apartment community located in South Elgin, IL. Originated on behalf of Continental Properties, the loan includes a Green Mortgage Insurance Premium Reduction set at 25 basis points because Springs at South Elgin is Energy Star certified.
This is the sixth refinance that Dwight has closed for Continental Properties. Managing principal Josh Sasouness and managing director Kevin Lifshitz originated the transaction.
Built in 2018, the property consists of 15 two-story apartment buildings, a clubhouse/leasing office, three garage structures and an attached car care center situated on over 16.5 acres. Its amenities feature a fitness center, on-site pet playground, swimming pool and outdoor barbecue.