Dealmaker: Dwight Capital Finances $189M for Multifamily

Dwight Capital, New York, closed $189.4 million in financings for three multifamily properties.

Dwight closed $128 million in HUD financing for City Market at O Street, a 400-unit mixed-use project in Washington, D.C.

Built in 2013 and 2014, the property at 800 P St. NW has two nine-story apartment buildings, five retail spaces and a ground-floor grocery store. The 19th-century public market O Street Market was preserved and incorporated into the new construction.

The refinance represented the largest loan to date within HUD’s 223(a)(7) multifamily program. Dwight Managing Principal Josh Sasouness and Managing Director Brandon Baksh originated the transaction.

Sasouness and Managing Director Kevin Lifshitz originated a $32.4 million HUD 223(f) cash-out refinance for Springs at Laurens Road, a 272-unit apartment community in Greenville, S.C. Built in 2018, the property occupies 18.4 acres. The loan included a Green Mortgage Insurance Premium reduction set at 25 basis points because the property qualifies as green/energy-efficient housing.

Dwight also closed a $27 million HUD 223(f) cash-out refinance for Blackhawk Trails Apartments, a 196-unit Madison, Wis. apartment community. Built in 2004, the property has six three-story buildings and a one-story community building. Managing Principal Adam Sasouness originated this transaction.