Dealmaker: Dwight Capital Closes $73M in Multifamily Loans
Dwight Capital, New York, closed $73.4 million in HUD 223(f) multifamily loans in Texas and Oregon.
In Waxahachie, Texas, Dwight Managing Directors Brandon Baksh and Brian Yee originated a $28.2 million loan on Oxford at Crossroads Centre, a 220-unit garden-style apartment community. Built on 11 acres in 2012, Oxford at Crossroads Centre is a gated community with seven three-story buildings and a standalone leasing office. The refinance allowed the borrower to assume full control of the asset while reducing the all-in interest rate by achieving a 0.25 percent lower mortgage insurance premium due to the asset’s energy-efficient status.
Elsewhere in Texas, Dwight Vice Presidents Ari Mandelbaum and Jack Harary originated $6.59 million for Buckingham Apartments, a 57-unit garden-style community. Built in 1995 and completely reconstructed in 2009, the property has seven townhouse-style residential buildings around a courtyard.
In Portland, Ore., Dwight Managing Principal Josh Sasouness originated $9.6 million for The Melrose Apartments, a 72-unit market-rate property. The property’s five two-story buildings sit on 1.9 acres. All interior and exterior areas were renovated in 2017 and 2018.
The Melrose Apartments represented the fourth loan Dwight Capital has closed for the same sponsor in 2019.