Dwight Capital closed a $32 million loan through the U.S. Department of Housing and Urban Development to refinance Americana, a newly built 110-unit multifamily community in Philadelphia, Commercial Observer reported. The agency-backed financing was secured by Philadelphia-based Scannapieco Development, which completed construction on the asset in 2024.
Jonathan Pomper and Jack Tawil originated the HUD 223(f) transaction for Dwight Capital. The five-story apartment building is located at 1775 North American Street in Philadelphia's Kensington neighborhood, situated three miles north of the city's Center City core.
What happened
The loan proceeds replace prior debt and allow Scannapieco Development to access equity that built up in the property since construction finished, according to details shared by Dwight Capital. A portion of the $32 million financing will also fund a dedicated replacement reserve set aside for future capital improvements at the asset.
Americana includes ground-floor commercial space leased to two retail tenants, The Learning Experience and Allie Lasure Fitness. The residential portion of the five-story property includes an 8,000-square-foot pool deck, a clubhouse, an outdoor lounge with grilling stations, a game room, and a two-level fitness center. Commercial Observer noted that Scannapieco Development did not immediately respond to requests for comment regarding the transaction.
What it changes for a closing
Closing an agency loan on recently delivered multifamily real estate requires legal and settlement teams to balance HUD program standards against the closeout of initial construction debt. For a Section 223(f) execution, deal teams must substantiate stabilized operations while structuring escrows and initial deposits into replacement reserves for upcoming capital needs.
The presence of commercial occupancy introduces additional settlement steps. Counsel and closing officers must review commercial leases, verify rent commencement dates, and confirm subordination agreements for non-residential tenants such as daycares and fitness studios before agency backing receives final endorsement.