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Dealmaker: Dwight Capital Closes $63M
Dwight Capital, New York, closed $63 million in multifamily loans in Oregon, Arizona and Massachusetts.
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Dwight Capital closed $27.8 million HUD 223(a)(7) loan for Creekview Crossing Apartments, a 183-unit Sherwood, Ore., apartment community.
Built in 2009, Creekview Crossing has been HUD-insured since 2010, but with this refinance the Dwight team achieved an Energy Star certification for the property, which generated savings for the borrower, including a 0.25 percent reduced mortgage insurance premium. Managing Principal Josh Sasouness originated the loan.
In Phoenix, Dwight Managing Director Brandon Baksh and Originator Brian Yee originated a $30 million HUD 223(f) loan for 208-unit San Paulo Apartments. Situated on 10-plus acres in the city’s Ahwatukee district, the property has 13 two-story residential buildings, a clubhouse and fitness center.
Josh Hoffman, Managing Director with Dwight, originated a $4.8 million HUD 223(f) loan for Marshview Place Apartments, a 16-unit mid-rise apartment community in West Roxbury, Mass., that dates to 2006. The transaction represented the second cash-out refinance over the past two years, given HUD’s flexible prepayment structure, the property’s value appreciation and historically low interest rates.
The loan was underwritten by Dwight Capital Vice President Matt Altebrando and Analyst Victoria Rizos; it received its HUD firm commitment three weeks ahead of schedule.