NEW YORK, NY - Dwight Capital, a national provider of commercial loans announced that it has funded $41.5 million in HUD loans for three multifamily properties: Highland Park Apartments (Denver, CO), Reserve at Towne Crossing (Longview, TX), and Christian Village (San Angelo, TX). All loans closed on December 30, 2014 and were refinanced through HUD’s 223(a)(7) program.
Highland Park Apartments, a LEED Gold certified complex, located in Denver’s up and coming downtown LoHi neighborhood, features upscale one and two bedroom, ultra-modern apartments. The $19,904,600 loan was originated by Kevin Lifshitz, Originator and Adam Sasouness, Managing Principal at Dwight Capital.
“Not only were we able to save the owner over $95,000 in annual debt service payments, but we were also able to build the loan’s 8% prepayment penalty in its entirety into the new rate, allowing the owner to lower his interest rate at virtually no cost,” said Adam Sasouness. “Additionally, we were able to lock in the new rate prior to receiving a Firm Commitment from HUD,” Sasouness continued.
The Reserve at Towne Crossing, a 216-unit multifamily complex in Longview, TX, was also financed through the HUD 223(a)(7) program. Josh Hoffman, Senior Originator and Director of Business Development, originated the $16,977,500 transaction. “Dwight Capital and Josh Hoffman made this an easy and simple process. They proved to be professional, organized and timely; I cannot say enough good things about their contributions throughout the entire process,” said Johnny Vaughan, one of the owners of The Reserve at Towne Crossing.
The refinance generated over $130,000 in annual debt service savings for the property. “We are thrilled to bring the Reserve at Towne Crossing loan into Dwight Capital’s portfolio and we couldn’t be more proud to have had the opportunity to work with Johnny, Andy and Mike to smoothly close the transaction,” said Hoffman.
Christian Village Apartments, a 150-unit, Project Based Section-8 senior housing complex in San Angelo, TX, was refinanced with a $4,621,600 loan originated by Ari Mandelbaum, Executive VP and Josh Sasouness, Managing Principal at Dwight. The transaction reduced the interest rate by over a 150 basis points and created a costs savings of approximately $40,000 in annual debt service payments. The HUD-insured facility is owned by West Texas Christian Foundation, a nonprofit organization.
"Working with Josh Sasouness and his team at Dwight Capital has been a pleasure. They took a great deal of the work off of us and simplified the process of refinancing our Section 8 housing. I would highly recommend Josh and his team to other companies out there looking at refinancing their project(s)... they're top notch!" said Mark Davis, Executive Director of West Texas Christian Foundation.