Dealmaker: Dwight Capital Funds $190M in FHA/HUD Loans

Dwight Capital, New York, closed $205.3 million in FHA/HUD loans in Washington, D.C., Las Vegas, Woodfin, N.C. and Billings, Mont. 

Managing Partner Josh Sasouness and Managing Director Brandon Baksh originated a $128 million 223(a)(7) loan for City Market at O apartments in northwest Washington, D.C. He said it represented the largest 223(a)(7) in HUD’s history.

Josh Sasouness said the 407-unit LEED silver certified property met HUD’s green and energy-efficient housing criteria, which reduced the annual mortgage insurance premium by 25 basis points. “Combined with the MIP, this refinance saved them $725,000 a year,” he said. 

Dwight Capital Managing Partner Adam Sasouness and Baksh originated a $32.8 million HUD223(f) loan for Venicia, a Las Vegas multifamily property . “The borrower was able to take advantage of a strong Las Vegas market and large cash out on an asset already in HUD’s portfolio,” Adam Sasouness said. He noted that the interest rate fell 70 basis points. 

Baksh also originated a $28.7 million HUD 223(a)(7) loan for Lofts at Reynolds Village in Woodfin, N.C., and a $15.8 million 223(a)(7) loan for InterPointe apartments in Billings, Mont. “Both properties took advantage of HUD’s new Energy Star initiative, achieving a reduced MIP,” he said. “We also matched the buyer up with the seller for Lofts at Reynolds Village apartments.”

Adam Sasouness said the firm closed an additional $112 million in June and July, including:
–$25.4 million for Mayfair Mansions in Silver Spring, Md.
–$23.6 million for Henson Creek in Fort Washington, Md. 
–$28 million for Villa Lucia in Fresno, Calif.
–$9.8 million for Bedford Green in Bedford, N.H.
–$6.3 million for Ridge Road senior apartments in North Little Rock, Ark.
–$6.2 million for Windsor Manor apartments in Portland, Ore.