Dwight Capital Provides $35.4M HUD-Insured Loan for Refinancing of Michigan Apartment Complex

TROY, MICH. — Dwight Capital has provided a $35.4 million HUD-insured loan for the refinancing of The Gables of Troy, a 544-unit apartment complex in Troy. The property is comprised of 42 three-story buildings and a clubhouse. Amenities include a dog park, media room, fitness room, racquetball area and two outdoor pools. The 223(a)(7) loan benefits from a Green Mortgage Insurance Premium (MIP) set at 25 basis points because the property qualifies as green and energy efficient. Karnveer Bal of Dwight originated the loan.