NEW YORK CITY, NY - Dwight Capital and its mortgage REIT affiliate, Dwight Mortgage Trust, closed $377MM of loans in the month of June. Featured among those transactions are HUD 223(f) loans for Country Club Lakes Apartments and Winchester Place Apartments, and a bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare.
Dwight closed two separate loans totaling $64.9MM for Midwest Diversified, including a $33.2MM HUD 223(f) refinance for Country Club Lakes Apartments, a 196-unit garden-style apartment complex located in Coconut Creek, FL, and a $31.76MM HUD 223(f) loan for Winchester Place Apartments, a 312-unit apartment community located in Fairview Heights, IL.
Both loans benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points. Country Club Lakes qualified for the reduced interest rate by way of achieving ENERGY STAR certification. Winchester Place qualified because the property is pursuing NGBS (National Green Building Standard) Certification. Managing Director Josh Hoffman originated the refinances for Midwest Diversified, a repeat Dwight client.
James Gordon, President of Midwest Diversified, stated, “Dwight Capital is a great teammate. They navigated both loan processes at a high level, from the start all the way to the goal line. Thank you, Josh and Dwight Capital.”
Dwight Mortgage Trust (“DMT”) closed a $27.25MM bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare, a 239-bed skilled nursing facility located in New Smyrna Beach, Florida. The loan has a 30-month term and its proceeds will be used towards capital expenditures and the acquisition. DMT Managing Director Josh Sturm originated this closing.
The borrower for the transaction said, "As a SNF owner/operator, one of the most difficult challenges we face while navigating through the rapid changes in the healthcare market, is finding the appropriate lending partner. Dwight has been that perfect lender for us, as they know the healthcare market in real time and understand an operator’s vision while executing a successful transaction. It has been a truly positive experience to work with Dwight’s healthcare team, and we’re looking forward to closing many more transactions together."
About Dwight Capital: Dwight Capital LLC is one of the largest commercial real estate finance companies in the United States. Our range of services includes commercial lending across a variety of platforms such as FHA/HUD, Bridge, and Mezzanine Financing as well as Preferred Equity for both stabilized and new-construction properties. Dwight Capital is also one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States and services $11 billion of commercial real estate loans.
About Dwight Mortgage Trust: Dwight Mortgage Trust LLC (“DMT” or the “Fund”) is an actively managed real estate investment trust specializing in the origination and financing of commercial mortgages across a range of real estate asset classes. DMT works in conjunction with affiliate firm Dwight Capital to source and evaluate lending opportunities nationwide. The Fund partners with experienced sponsors on projects in major markets, focusing on investments with a clearly defined exit strategy. For more information about Dwight Mortgage Trust, please visit: www.dwightmortgagetrust.com