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.
More than 95% of the 156-loan cohort is agency-backed; $232.7 million carries a debt yield below 6%, Trepp reports.
Connect CRE reports the final close; Northwind says NDF III is the largest fund in its history.
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