NEW YORK, NY - Dwight Capital closed $296.4 MM in financings in June. During the month, Dwight provided $146.92 MM in 223(f) loans, $32.22 MM in 223(a)(7) loans, and $117.27 MM in interest rate reductions. Featured among these transactions are cash out HUD 223(f) loans for Belleau Woods Apartments, Villas at Sunrise Mountain Apartments, and Sunlake at Edgewater. Through the loans, the borrowers were able to secure 35-year, non-recourse financing at historically low, fixed interest rates.
Managing Principal, Josh Sasouness, and Managing Director, Josh Hoffman, originated a $42.3 MM HUD 223(f) loan for Belleau Woods Apartments, a 339-unit garden-style apartment complex located in Bellingham, WA. Originally built in 2003 and expanded in 2008, the property consists of 17 three-story residential buildings, a community building, and fitness center situated on 15.85 acres. The mortgage includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points due to Belleau Woods Apartments’ Energy Efficient status. This is the fourth transaction that Dwight has closed for the borrower.
Executive Vice President, Keith Hoffman, originated a $40 MM HUD 223(f) loan for Villas at Sunrise Mountain Apartments, a 304-unit gated apartment community located in Las Vegas, NV. The property is situated on 14.5 acres and features 38 two-story garden-style apartment buildings, a clubhouse, fitness center, and swimming pool. This loan benefited from a Green MIP Reduction since Villas at Sunrise Mountain is ENERGY STAR certified. This closing expands Dwight Capital's significant financing footprint within the Nevada market, increasing Dwight's loan volume within the state to 4,488 units and $498.8 MM in aggregate financings through June 2020.
Dwight also closed a $28 MM HUD 223(f) loan for Sunlake at Edgewater, a 366-unit garden-style apartment community located in Huntsville, AL. Situated on 32 acres, the property is surrounded by a 120-acre stocked lake, and features 24 two-story residential buildings, a 2.4-mile jogging trail, basketball court and swimming pool. The mortgage includes a Green MIP Reduction since Sunlake at Edgewater qualifies as Energy Efficient Housing. Managing Director, Brandon Baksh, and Vice President, Daniel Malka, originated this transaction.
About Dwight Capital: Dwight Capital LLC is a full-service nationwide mortgage banking firm. Our range of services include commercial lending across a variety of platforms such as FHA/HUD, Bridge, & Mezzanine Financing as well as Preferred Equity for both stabilized and new-construction properties. Dwight Capital is one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States and services in excess of $5 billion of commercial real estate loans.
For more information about Dwight Capital, please visit: www.dwightcapital.com