Dealmaker: Dwight Capital Finances $130M for Multifamily

Dwight Capital, New York, financed $129.7 million for multifamily properties in three states.

Executive Vice President Keith Hoffman originated a $48.9 million HUD 223(f) loan for Tamaron Ranch Apartments, a 266-unit garden-style property in Lynnwood, Wash. Tamaron Ranch Apartments has 19 three-story buildings and a two-story community building on 12-plus acres.

Managing Director Brandon Baksh and Originator Brian Yee originated a $27.9 million HUD 223(f) loan for Terrazzo Apartments, a 224-unit Austin, Texas community. Renovated in 2007, the property has 12 three-story apartment buildings with a business center, clubhouse, coffee bar, courtyard, fitness center, playground and swimming pool.

In Spartanburg, S.C., Dwight financed a $27.3 million HUD 223(a)(7) loan for Drayton Mills Lofts, a 289-unit mill conversion apartment property. Its amenities include a 60-foot saltwater lap pool, two-story fitness center, walking trails and community rooms. Drayton Mills Lofts’ apartments feature large mill windows and 17-foot-tall natural wood ceilings with nearly 70 unique floor plans.

Dwight reduced the loan’s all-in interest rate considerably via the “A7” refinance. Baksh and Yee originated this transaction.

Dwight also closed a $25.6 million HUD 223(f) loan for Oak Creek Apartments, a 180-unit Vancouver, Wash. apartment community. Set on eight acres and partially renovated in 2014, the property has 11 residential buildings, three garages and two non-residential buildings. Managing Principal Josh Sasouness originated this refinance.