McWhinney secures $ 50 million HUD loan for luxury apartments in Denver – Commercial Observer
Capital Dwight provided $ 50 million in funding supported by the United States Department of Housing and Urban Development (HUD) to Mcwhinney for a luxury Colorado apartment complex, Commercial Observer has learned.
The alternative lender has entered into a HUD refinance for SOVA on the Grant apartments in Denver. The loan includes a reduction in the Green Mortgage Insurance (PIM) premium to 0.25%, since the property is Energy Star certified, according to Dwight officials.
Dwight Capital Brandon baksh and Brian yee is at the origin of the case.
Built in 2018, the 211-unit complex on 1901 Grant Street is located in the Uptown neighborhood of Denver with a panoramic view of the city. SOVA’s facilities include a virtual golf driving range, fitness center, rooftop lounge and spa.
Monthly rents at SOVA range from just over $ 1,300 for studios, $ 1,400 for one-bedroom units and just under $ 2,200 for two-bedroom units, depending on Apartments.com.
Founded in 1991, Loveland, Colo.-Based McWhinney has planned and developed over 6,000 acres of planned communities, as well as over 11 million square feet of vertical and mixed-use commercial properties in the Rocky Mountain region and the West Coast.
McWhinney officials did not immediately respond to a request for comment.