Dwight Capital Finances $60M Loan for Iowa Multifamily Community

Dwight Capital has closed a $60 million HUD 223(f) refinance for Birchwood Grove, a newly developed 194-unit townhome community in Davenport, Iowa.

Birchwood Grove is comprised of 56 two- and three-story townhouse buildings, along with a separate community building that houses a clubhouse, leasing office, and 4,800 square feet of ground-floor commercial space. Located at 5101 Ravenwood Lane, the property is in close proximity to walkable amenities, shopping, restaurants and offers easy access to Interstate 74 and 80.

Loan proceeds will retire existing debt, cover closing costs, fund a replacement reserve for future capital improvements, and allow the borrower to draw on equity accumulated since the original construction financing. The transaction was originated by Josh Hoffman and Jonathan Pomper on behalf of the borrower, Kevin Dolan, of Dolan Homes LLC.