Dwight Capital Finances $33M Loan for Pullman Apartments
Real estate finance company Dwight Capital has closed a $32.9 million HUD refinance for Pimlico Apartments, a 361-unit multifamily complex in Pullman, WA. Located at 1455 NE Brandi Way, the community is comprised of 30 three-story buildings on 17 acres, and includes on-site parking and an on-site management office.
Pimlico Apartments was completed in two phases between 2014 and 2016. Dwight Capital Managing Director Keith Hoffman and Jack Tawil originated the transaction on behalf of the borrower, Corporate Pointe Developers. The HUD 223 (f) loan benefited from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is ENERGY STAR certified.
“A green HUD refinance was far and away the best execution to meet our clients goals, and our vertically integrated specialized HUD platform ensured a seamless execution from start to finish during this very volatile climate,” said Hoffman.