SACRAMENTO, CALIF. — Dwight Capital has provided a $32.6 million HUD 223(f) refinance for Westlake Apartments, a lakeside multifamily complex in Sacramento. The borrower, Tesseract Capital Group, will use proceeds from the loan to retire existing debt and complete property enhancements. The financing also benefited from a Green Mortgage Insurance Premium (MIP) Reduction to 25 basis points, as Westland Apartments holds a National Green Building Standard Bronze certification.
Situated on 5.9 acres, Westlake Apartments offers 13 two-story residential buildings with 148 renovated one- and two-bedroom units and three amenity buildings. Community amenities include a fitness center, pool, spa and resident-only access to a private beach on Lake Greenhaven.