NEW YORK--(BUSINESS WIRE)--Dwight Capital financed $297.8 MM in October. During the month, Dwight closed $121.86 MM in interest rate reductions, $102.56 MM in 223(f) loans, $53.3 MM in (a)(7) loans, and $20.1 MM in bridge loans. Featured among the closings are HUD 223(f) loans for Tamaron Ranch Apartments, Terrazzo Apartments, and Oak Creek Apartments.
Executive Vice President, Keith Hoffman, originated a $48.96 MM HUD 223(f) loan for Tamaron Ranch Apartments, a 266-unit garden-style apartment complex located in Lynnwood, WA. The property consists of 19 three-story residential buildings and a two-story community building situated on over 12 acres. Its amenities include a fitness center, outdoor sports court, playground, swimming pool, and reserved parking with nearly 450 spaces. This refinance includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points as the property is ENERGY STAR certified.
Managing Director, Brandon Baksh, and Originator, Brian Yee, originated a $27.92 MM HUD 223(f) loan for Terrazzo Apartments, a 224-unit apartment community located in Austin, TX. Renovated in 2007, the property consists of 12 three-story apartment buildings situated on over 18 acres. Its amenities feature a business center, clubhouse, coffee bar, courtyard, fitness center, playground, and swimming pool. Terrazzo Apartments qualifies as Green/Energy Efficient Housing, and therefore received a Green MIP Reduction set at 25 basis points.
Dwight also closed a $25.68 MM HUD 223(f) loan for Oak Creek Apartments, a 180-unit apartment community located in Vancouver, WA. Set on 8 acres of land and partially renovated in 2014, the property is comprised of 11 residential buildings, three garages, and two non-residential buildings. Oak Creek Apartments’ amenities include a sand volleyball court, swimming pool and clubhouse featuring a resident’s lounge, fitness center and laundry facility. This refinance, which was originated by Managing Principal, Josh Sasouness, also benefited from a Green MIP Reduction set at 25 basis points.
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 in excess of $5.5 billion of commercial real estate loans.
For more information about Dwight Capital, please visit: www.dwightcapital.com
