Updated Oct 21, 2026
Dwight Capital Provides $61.9 Million Refinance Loan For Multifamily Properties In Minnesota And Iowa
246 Snelling Avenue South & 3939 53rd Avenue
$61,900,000
Units
434
Asset Type
MultiFamily
Closing
Jul 16, 2025
About this deal
AI
The asset involved in this transaction is a multifamily property located at 246 Snelling Avenue South in Saint Paul, MN and 3939 53rd Avenue in Bettendorf, IA. The property includes a total of 434 units and was refinanced for a total loan amount of $61,900,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $61,900,000
- Lender: Dwight Capital
- Landlord: Continental Properties
- Loan Type: Refinance
- Asset Locations: Saint Paul, MN & Bettendorf, IA
- Units: 434
Dwight Capital facilitated the closing of the refinance loans for Continental Properties, aimed at refinancing Springs at Bettendorf and The Grove in Saint Paul. The proceeds from this deal are designated to retire existing debt while also funding repairs and capital reserves for the two energy-efficient multifamily communities.
On the Map
$61,900,000
MultiFamily
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Players
Saint Paul MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93