Dwight Capital has closed $34 million in U.S. Department of Housing and Urban Development-backed financing for Vanguard Development’s Reserve at Willow Ridge apartment community in Lancaster, Pennsylvania.
The debt was provided through HUD’s 223(f) loan programme, which supports the refinancing of existing multifamily properties. The financing refinances the apartment community rather than funding a new development.
Reserve at Willow Ridge is located in Lancaster, in south-central Pennsylvania, roughly 65 miles west of downtown Philadelphia. Commercial Observer reported the transaction.
For multifamily owners, government-backed refinancing can provide a distinct route from conventional bank or private debt, particularly for established rental assets. The reported deal highlights the continuing use of HUD programmes in US apartment financing.