Dwight Capital Funds $29M Loan for Monte Sano Terrace Apartments in Huntsville
HUNTSVILLE, ALA. — Dwight Capital has provided a $29 million loan for Monte Sano Terrace, a 324-unit apartment complex located in Huntsville. The property includes 23 garden and townhome-style buildings, as well as a clubhouse and leasing office.
Located on over 25 acres at 125 Ridgegate Place, Monte Sano Terrace is situated about 2.3 miles from downtown Huntsville. Built in 1988, the community was 96 percent occupied at the time of the transaction. Community amenities feature a fitness center, swimming pool, business center, sports court, dog park, picnic area and a playground.
The refinancing is a HUD 223(f) loan. The loan benefitted from a green mortgage insurance premium (Green MIP) reduction set at 25 basis points because the property qualifies as green/energy efficient housing. Brandon Baksh and Daniel Malka of Dwight Capital originated the loan on behalf of the borrower and property owner, Tibs Realty.