NEW YORK, NY - Dwight Capital is pleased to announce another strong month with multifamily closings surpassing $73.4 MM. Featured among November’s transactions are HUD 223(f) loans on Oxford Crossroads Centre, The Melrose Apartments and Buckingham Apartments. All of Dwight’s multifamily November loan closings were either green or affordable.
Managing Director, Brandon Baksh, and Brian Yee originated the $28.2 MM HUD 223(f) loan on Oxford at Crossroads Centre, a 220-unit garden-style apartment community located in Waxahachie, Texas. The property was completed in 2012 and is situated on 11+ acres. Oxford at Crossroads is a gated community that consists of 7 three-story apartment buildings and a standalone leasing office. The refinance allowed the client to assume full control of the asset while reducing the all-in interest rate by achieving a lower MIP of 0.25% due to its Green/Energy Efficient status.
Managing Principal, Josh Sasouness, originated the $9.6 MM HUD 223(f) loan for The Melrose Apartments, a 72-unit, market-rate apartment complex located in Portland, Oregon. The property sits on 1.94 acres of land and is comprised of 5 two-story apartment buildings. Its interior and exterior areas were recently renovated in 2017-2018 and feature new stainless-steel appliances and light fixtures. The mortgage includes a reduced MIP of 0.25% for achieving Green/Energy Efficient Housing standards. This is the fourth loan that Dwight has closed for this owner in 2019.
Vice President, Ari Mandelbaum, and Jack Harary originated the $6.59 MM HUD 223(f) loan for Buckingham Apartments, a 57-unit garden style apartment community in Austin, Texas. Situated on 1.3 acres of land, the property consists of 7 townhouse style apartment buildings and a courtyard. It was originally built in 1995, but was completely reconstructed in 2009. Buckingham Apartments is considered energy efficient and therefore received a reduced 0.25% Green MIP.
Dwight Capital is a leader in commercial real estate finance and is one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States. Dwight has led the industry as a top-5 Multifamily & Healthcare HUD lender by both transactions and dollar amount over the past five years. Our range of services include commercial lending across a variety of platforms such as USDA, Bridge, Mezzanine, and Preferred-Equity for both stabilized and new-construction properties.