Vanguard Development Secures $34 Million Refinance Loan For 160-Unit Reserve At Willow Ridge

The asset involved in this transaction is a 160-unit multifamily property located at 110 Summit Drive in Lancaster, PA. The property consists of 72 garden-style apartments and 88 townhouses, constructed in 2023. Vanguard Development has secured a refinance loan for this asset amounting to $34,000,000, backed by HUD financing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $34,000,000
• Address: 110 Summit Drive
• Market: Lancaster, PA
• Units: 160
• Lender: Dwight Capital
• Landlord: Vanguard Development
• Originators: Brandon Baksh & Noah Greenwald - Dwight Capital
• Loan Type: Refinance

The transaction involves key individuals from Dwight Capital, notably Brandon Baksh and Noah Greenwald, who facilitated the refinancing process. The financing will aid in funding future capital improvements and also enables the return of equity to Vanguard Development as the borrower.