A $23 million HUD 223(f) loan was recently obtained for Tuscany Hills Apartment Homes, a 144-unit garden-style apartment complex located in Moreno Valley, CA. Built in 2005, the gated property consists of 15 one- and two-story apartment buildings, and three common area buildings on more than 8.6 acres. Its amenities include a pool and spa, fitness center and community park.

Tuscany Hills Apartments is 98% occupied. This is no surprise given the surrounding area has an overall low vacancy of 2.7 percent year-to-date, according to CoStar. This vacancy rate is projected to stay consistent in the coming years with the area’s strong demand, which is helping drive up rental rates.

The loan benefited from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. Josh Sasouness, Dwight Capital managing principal, and Daniel Malka, Dwight Capital vice president, originated this transaction.