NEW YORK--(BUSINESS WIRE)--Dwight Capital provided over $502.2 MM in closings during July. Featured among Dwight’s transactions are HUD loans for Saddleback Ranch Apartments and Legends of Fox Creek, and a bridge loan for Residences at Town Square.
Dwight closed a $74.99 MM HUD 223(f) loan for Saddleback Ranch Apartments, a 305-unit garden-style apartment complex located in Mission Viejo, CA. Situated on 38 acres, the property consists of 38 two-story walk-up buildings. Its amenities include a fitness center, tennis court, basketball court, bike trails, running paths, and two swimming pools. The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because Saddleback Ranch Apartments qualifies as green/energy efficient housing. Managing Principal, Josh Sasouness, originated this transaction for a repeat Dwight client.
Sasouness also originated a $32.8 MM HUD 223(f) loan for Legends of Fox Creek, a 339-unit garden-style apartment complex located in Clarkston, MI. The property is comprised of 14 two- and three-story apartment buildings, a clubhouse with leasing office, and four storage buildings situated on a 39.9-acre site. Its amenities feature a business center, fitness center, swimming pool, picnic area, dog park, and small pond. The loan benefitted from a Green MIP Reduction because the property qualifies as green/energy efficient housing.
Vice President, Daniel Malka, originated a $60 MM cash-out bridge loan for Residences at Town Square, a 480-unit mixed use apartment complex located in Amarillo, TX. Built between 2015 and 2019, the property consists of four five-story buildings situated on over 32 acres. Its amenities include a fitness center, playground, and resort-style pool. Residences at Town Square also features 121,360 square feet of ground floor retail space, which includes a dental office, nail bar, spa, and steakhouse. The bridge loan will be used to retire existing debt. Daniel Hartnett of Greysteel served as a correspondent on the transaction.
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 $8 billion of commercial real estate loans.
For more information about Dwight Capital, please visit: www.dwightcapital.com
