Dwight Capital closed a $45 million HUD 223(f) loan for Kinstone Columns Drive, a 384-unit apartment community located in Marietta, GA. The property sits on more than 30 acres. It consists of 29 three-story buildings, three townhome buildings, two pool bathhouses, and a leasing office/clubhouse.
Community amenities include a fitness center, business center, playground, tennis court, walking trail, picnic area, sports court, and two pools. Kinstone Columns Drive is also near several recreational properties, with direct access to Chattahoochee River National Recreation Area, which offers three miles of walking/hiking trails.
The refinance benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points, as the property is in the process of achieving an NGBS Bronze certification. This is the fourth loan that Dwight has closed for the borrower, Walton Communities. Brandon Baksh and Karnveer Bal originated this transaction.
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