Dealmaker: Dwight Capital Closes $25M In HUD Loans

Dwight Capital, New York, closed $25.3 million in HUD 223(f) loans for Golden Gardens Apartments and The Rose Apartments.

Golden Gardens Apartments

Dwight Managing Principal Josh Sasouness originated a $14.4 million HUD 223(f) loan for Golden Gardens Apartments, a 110-unit garden-style community in Fresno, Calif. The property is comprised of 10 two-story buildings and a single-story leasing office and community building. It includes a turf soccer field, swimming pool, basketball court and playground on five-plus acres. Golden Gardens Apartments underwent a $3 million renovation that wrapped up in 2019. The refinance included a 25 basis point Green Mortgage Insurance Premium reduction because the property earned an Energy Star Statement of Energy Performance of 96.

Sasouness also closed a $10.9 million HUD 223(f) loan for The Rose Apartments, a 90-unit affordable and sustainable community in Portland, Ore. Built in 2015, the property has two four-story buildings built to LEED Silver Certification standards with passive solar designs, on-site water harvesting, two electric car charging stations and green community gardens. The Rose Apartments meets multiple affordability requirements and includes an annual tax abatement used to secure additional loan proceeds.