Dwight Capital Closes $61.9 Million in Financing for Midwest Apartment Properties
Dwight Capital recently closed a total of $61.9 million in HUD 223(f) financing for two multifamily properties located in the Midwest: Springs at Bettendorf in Bettendorf, Iowa, and The Grove in Saint Paul, Minnesota. The financing was secured on behalf of repeat client Continental Properties, a real estate developer based in Menomonee Falls, Wisconsin.
Springs at Bettendorf is a townhome-style apartment community featuring 15 two-story buildings encompassing 316 market-rate units. The property also includes a standalone clubhouse and a maintenance building. Residents can choose from studio, one-, two-, and three-bedroom layouts.
The Grove, located in Saint Paul, is a modern six-story luxury apartment complex offering 118 market-rate units and 28 distinct floor plans. Unit options range from studios to three-bedroom apartments.
Springs at Bettendorf has earned ENERGY STAR certification, and The Grove has received a GreenPoint Gold Rating, highlighting both communities’ commitment to energy efficiency and sustainable design.
The loan proceeds will be used to pay off existing debt, cover closing costs, fund property repairs, and establish reserves for future capital improvements.
