Dealmaker: Dwight Capital Closes $87M in Multifamily Loans

Dwight Capital, New York, closed $87 million in HUD 223(f) multifamily loans in several states.

In Point Pleasant Beach, N.J., Dwight Managing Principal Josh Sasouness and Executive Vice President Keith Hoffman originated a $15.9 million cash-out refinance for 108-unit garden-style property Point Beach Apartments.

Point Beach Apartments includes eight two-story buildings on seven acres located two blocks from the Point Pleasant Beach boardwalk. The community received a significant renovation between 2006 and 2008 in which exteriors and interiors were updated and unit sizes were expanded.

Dwight Capital also closed an $11.6 million loan on Rolling Creek Apartments in Vancouver, Wash. The project, a 111-unit garden-style property, occupies 4.8 acres and has a gross building area exceeding 100,000 square feet. Managing Director Josh Hoffman and Vice President Daniel Malka originated the loan.

The firm also closed a $24.8 million loan on a Nevada apartment property that received a 0.25 percent mortgage insurance premium reduction because it qualified as green energy-efficient housing and a $20.7 million loan on a Washington, D.C. affordable housing property.

In June Dwight closed $9 million in 223(f) loans in Texas. Gardens at Clearwater, an 80-unit senior housing property in Kerrville, received $4 million and Friendship Place Apartments in Fredericksburg received $5 million. Both properties contained land-use restrictive agreements and qualified as Broadly Affordable Housing under the HUD MAP Guide definition, so both qualified for a 0.25 percent MIP reduction.