Dwight Capital has closed a $22.5 million HUD 223(f) loan for Skyview Heights, a 128-unit garden-style apartment community in Airway Heights, Washington.
The proceeds from this loan were used to pay off the existing debt, cover closing costs, fund a replacement reserve for future capital improvements, and provide a sizeable cash out. The refinance also qualified for a reduced Green Mortgage Insurance Premium (MIP) to 25 basis points, thanks to the property’s GreenPoint Rated New Home Silver Level Certification for sustainable design. McBride Capital arranged this transaction.
Located at 12501 W 6th Ave, the property comprises 16 two-story buildings featuring a mix of 32 one-bedroom, 80 two-bedroom, and 16 three-bedroom units. Each apartment features modern finishes, including granite countertops, stainless steel appliances, fireplaces, and private balconies or patios. Residents benefit from an array of premium amenities, including a clubhouse and lounge, BBQ area, pool and spa, and a fully equipped fitness center.
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