The loan covers Birchwood Grove, a 194-unit community spread across 56 townhouse buildings plus a clubhouse building with 4,800 square feet of commercial space.
Dwight Capital closed a $60 million HUD 223(f) refinance for Birchwood Grove, a newly developed 194-unit townhome community in Davenport, Iowa, Connect CRE reported.
The loan works out to about $309,000 per unit. Birchwood Grove consists of 56 two- and three-story townhouse buildings plus a separate community building with a clubhouse, leasing office and 4,800 square feet of ground-floor commercial space.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections
The 96,000-square-foot Class A office building is more than 90% leased and was delivered over the summer, according to Connect CRE.
The Bishop Arts apartments are 95% leased and the retail is 98% leased across 22 tenants; Yardi puts September advertised rent at $1,775, down 0.1% from August.
The 221(d)(4) carries 24 months of interest-only payments before a 40-year amortization, roughly $168,000 of debt per unit.
Bridge Investment Group and Pacific Development borrowed the bridge loan, which funded an interest reserve and returned equity.
Bridge, Declaration Partners and Avery Hall are the sponsors; coupon and spread were not disclosed.
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