Dwight Capital Provides $49.8M HUD-Insured Loan for Refinancing of Multifamily Property in Lockport, Illinois
LOCKPORT, ILL. — Dwight Capital has provided a $49.8 million HUD 223(f) loan for the refinancing of Highland Ridge Apartments in Lockport, a southwest suburb of Chicago. Completed in 2019, the garden-style multifamily property consists of 240 units across 12 buildings. Amenities include a dog park, fitness center, pool, theater, shuffleboard and yoga room. Brandon Baksh of Dwight originated the 35-year loan on behalf of the borrower, Heartland Real Estate Partners. The fixed-rate loan benefitted from a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property is Energy Star-certified.