Vanguard Development has secured US$34 million in financing backed by the U.S. Department of Housing and Urban Development (HUD) to refinance a multifamily property in south-central Pennsylvania, according to information obtained by Commercial Observer.
Dwight Capital, a leading provider of financing for multifamily and healthcare properties, closed the HUD 223(f) loan for The Reserve at Willow Ridge in Lancaster, Pennsylvania. The property is located approximately 65 miles west of downtown Philadelphia. Brandon Baksh and Noah Greenwald of Dwight Capital were responsible for originating and executing this transaction, underscoring their expertise in complex real estate finance.
Details of the Financing and Property
The loan proceeds are earmarked to fund a reserve account for future capital improvements and to disburse equity to the borrower. This equity accumulated during the property's construction, lease-up, and stabilisation phases, as stated by Dwight Capital. The refinancing allows Vanguard Development to release funds tied up during these phases for other projects or investments, while also establishing a solid foundation for the property's long-term maintenance.
Completed in 2023, the project comprises 160 residential units. The Reserve at Willow Ridge, located at 110 Summit Drive, consists of 72 garden-style apartments and 88 townhome units, distributed across 24 buildings. This mix of housing types contributes to the property's appeal and caters to a wide range of tenants.
Property Amenities and Features
Residents benefit from a comprehensive range of amenities that significantly enhance living comfort. These include a spacious swimming pool, a modern clubhouse, a fully equipped fitness centre, an inviting picnic pavilion, and extensive walking trails. These facilities foster an active community life and offer residents diverse recreational opportunities directly on-site, further increasing the attractiveness of the residential complex in Lancaster, Pennsylvania.
- —Total Loan: US$34 million
- —Number of Units: 160
- —Completion: 2023
- —Location: Lancaster, Pennsylvania
A request for comment from Vanguard Development went unanswered at the time of publication. The successful completion of this refinancing underscores the continued appeal and stability of the multifamily housing market in Pennsylvania.
