Dealmaker: Dwight Capital Funds $146M for Multifamily
Dwight Capital, New York, closed $145.6 million in financings in January, including two HUD 223(f) loans and a 221(d)(4) construction loan.
Dwight Managing Director Josh Hoffman and Executive Vice President Keith Hoffman originated a $74.4 million loan for Baxter Crossings Apartments, a 694-unit garden-style apartment community in Chesterfield, Mo. Renovated in 2010, the property totals 42 apartment buildings on 78 acres. The loan on Baxter Crossings was among the largest HUD 223(f) refinances in Missouri.
Keith Hoffman also originated $23.7 million for Patriot Ridge Apartments, a 192-unit Dallas apartment community. Built in 2013 with HUD construction financing, the property has eight three-story apartment buildings on nine acres. The current ownership group acquired the property in December 2016 and used the HUD 223(f) refinance program three years later to cash out built-up equity and significantly reduce their interest rate.
Dwight Managing Director Brandon Baksh originated a $17.7 million construction loan for Plum Tree Apartments, a 143-unit market-rate community to be built in Kaufman, Texas. The community will total 114,860 square feet of net rentable residential area on 7.3 acres.
Dwight also provided a $6.8 million bridge acquisition loan for Canal Pointe Nursing and Rehab, a 120-bed skilled nursing facility in Akron, Ohio. Renovated in 2008, the 57,725-square-foot property occupies 2.2 acres. Canal Pointe includes short-term rehabilitation, occupational therapy, respiratory care, tracheostomy care and behavioral care.