NEW YORK–(BUSINESS WIRE)–Dwight Capital continues to lead the industry with its financing volumes in February 2020, closing more than $201.4 MM.
Managing Principal, Josh Sasouness, and EVP, Keith Hoffman closed a $74.99 MM HUD 223(f) loan for Copper Creek Apartments, a 608-unit garden-style apartment complex located in Las Vegas, Nevada. Built in phases between 2002 and 2004, the market-rate property consists of 35 two-story buildings situated on over 27 acres. The fully amortizing loan has a 35-year term and benefited from a reduced MIP of 0.25% due to the property’s Green/Energy Efficient status. This loan is the largest HUD loan closed in the state of Nevada to date.
Managing Director, Brandon Baksh, originated a $35.4 MM HUD 223(a)(7) loan on Farmers Market Harvest Lofts, a 240-unit apartment complex located next door to the newly revived Dallas Farmers Market in Dallas, Texas.
“This was a big win for our client. We were able to drop the debt service payments, MIP payments, and the annual reserve requirements for the project,” said Baksh.
Managing Director, Kevin Lifshitz, originated a $27.6 MM HUD 223(f) loan for Spring Tree Apartments, a 150-unit garden-style apartment community located in Chino, California. Sitting on over six acres, the property consists of nine two-story buildings.
Another notable closing is a $6.3 MM HUD 221(d)(4) substantial rehabilitation for West End Apartments, a 114-unit mixed-income project in St. Louis, Missouri. Situated on 2.9 acres, the property consists of four scattered sites with 68 market-rate units and 46 units at 60% AMI. This loan achieved a reduced Affordable Housing MIP of 0.35%. It will include the use of Federal and State Historic Tax Credits and a Community Block Development Grant. Keith Hoffman originated this transaction.
Jeff Mugg, Vice President of West End Apartments, LLC, said, “We seem to have a knack for taking on complex deals and our St. Louis West End Apartments was certainly one of those. Dwight Capital took on the challenge. Their patience, perseverance, and tenacity made the deal happen. This critically important low-mod deal would not have closed without them.”
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.
For more information about Dwight Capital, please visit: www.dwightcapital.com