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Dwight Capital closes $32M HUD loan for Philly apartment refinancing
The HUD (223)(f) proceeds will support a replacement reserve for future capital improvements and give Scannapieco access to equity built up since the 2024 construction.
Dwight Capital has closed a $32 million agency-backed U.S. Department of Housing and Urban Development (HUD) loan to refinance a newly built Philadelphia multifamily property, Commercial Observer reports. The financing is structured as a HUD (223)(f) loan for Scannapieco Development’s Americana development.
Commercial Observer says the $32 million loan supports several uses, including funding a replacement reserve for future capital improvements and providing Scannapieco with access to equity accumulated since construction.
The property is a five-story apartment building at 1775 North American Street in Philadelphia’s Kensington neighborhood, about three miles north of Center City. The development includes 110 units and features ground-floor retail space leased to The Learning Experience and Allie Lasure Fitness.
The report also lists on-site resident amenities such as a clubhouse, an 8,000-square-foot pool deck, an outdoor lounge with grilling areas, a game room, and a two-level fitness center.