NEW YORK–(BUSINESS WIRE)–Dwight Capital financed $302.18 MM in July. During the month, Dwight closed $108 MM in 223(f) loans, $104.4 MM in interest rate reductions, $49.69 MM in 223(a)(7) loans, $21.47 MM in bridge and mezzanine loans, and $18.56 MM in 232/223(f) loans. Featured among these transactions are HUD 223(f) loans for Golden Gardens Apartments and The Rose Apartments.
Managing Principal, Josh Sasouness, originated a $14.48 MM HUD 223(f) loan for Golden Gardens Apartments, a 110-unit garden-style apartment community located in Fresno, CA. The property is comprised of 10 two-story apartment buildings and a single-story leasing office and community building. It features a turf soccer field, swimming pool, basketball court and playground situated on over 5 acres of land. Golden Gardens underwent a $3 MM renovation that was completed in 2019. This refinance includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points since the property earned an ENERGY STAR Statement of Energy Performance (“SEP”) of 96.
Sasouness also closed a $10.9 MM HUD 223(f) loan for The Rose Apartments, a 90-unit affordable and sustainable apartment community located in Portland, OR. Built in 2015, the property consists of two four-story apartment buildings that were built to LEED Silver Certification standards from the U.S. Green Building Council and features passive solar designs, on-site water harvesting, two electric car charging stations, pedestrian walkways, green community gardens and on-site parking. Due to the property’s energy efficient status, the mortgage includes a Green MIP Reduction set at 25 basis points. The Rose Apartments also meets multiple affordability requirements and includes an annual tax abatement used to secure additional loan proceeds.
About Dwight Capital
Dwight Capital LLC is a full-service nationwide mortgage banking firm. Our range of services includes 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