Dwight Capital Provides $35M Construction HUD Loan for Multifamily Community in Wilmington, North Carolina

WILMINGTON, N.C. — Dwight Capital LLC has provided a $35 million HUD 221 (d)(4) loan for the construction of Renaissance Apartments, a 198-unit multifamily community in Wilmington’s Wayfaire neighborhood. The property will comprise two four-story buildings offering 2,530 square feet of ground-floor retail space. Communal amenities will include a courtyard, clubhouse, fitness center and a pool. The lender says the community will be built in compliance with the National Green Building Standard’s Bronze Level, which resulted in a 25 basis-point reduction in the loan interest rate through the Green Mortgage Insurance Premium. Brandon Baksh of Dwight Capital originated the 40-year term loan on behalf of the undisclosed borrower.

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