Dealmaker: Dwight Capital Finances $131M for Multifamily
Dwight Capital, New York, financed $130.7 million for multifamily properties in three states.
In Littleton, Colo., Dwight Managing Director Brandon Baksh originated a $51.3 million HUD loan for 350-unit community 5151 Downtown Littleton. The property consists of nine three-story residential buildings, five parking garages and a clubhouse.
Dwight also provided $34.9 million in new construction financing for Renaissance Apartments, a 198-unit proposed mixed-use property in Wilmington, N.C. The property will have two four-story apartment buildings on eight-plus acres in Wilmington’s Mayfaire area. One building will include 2,530 square feet of ground-floor retail. Baksh also originated this transaction.
In downtown Oklahoma City, Dwight financed a $44.5 million substantial rehabilitation loan for The Residences at First National, a proposed 193-unit multifamily property located within the First National Bank Tower. This financing, along with proceeds from the sale of state and federal historic tax credits, will be used to revitalize the asset, which currently stands as the third-tallest building in Oklahoma City. The building is listed on the National Register of Historic Places.
The loan exclusively related to the construction of The Residences, which will span floors nine through 32 of the 33-story building. A Marriott Autograph Collection Hotel will occupy the rest of the tower. A deck on the 14th floor will include a heated pool, dog park, game room, fitness center and outdoor entertainment area.