DAVIS, CALIF. — Dwight Capital has closed a $59.9 million HUD 223(f) loan for the refinancing of Tanglewood @ Davis, a garden-style community located in Davis, 15 miles west of Sacramento, California. The funds will be used to retire existing debt, cover closing costs, complete necessary repairs and establish a replacement reserve account for future capital improvements. Elliot Hart of Dwight Capital originated the financing. The borrower was not disclosed.
Tanglewood @ Davis is situated on a 14.3-acre site. The complex offers 216 one-, two-, and three-bedroom apartment units across 30 two-story residential buildings. Amenities include a pool, barbeque and fire pit lounge, fitness center, dog park, basketball court and parking garages. The community was recently renovated, according to Dwight Capital.