Dealmaker: Dwight Capital Finances $144M for Multifamily Assets

Dwight Capital, New York, financed $143.5 million for multifamily properties in Washington, Arizona and Virginia.

In Bothell, Wash., Dwight originated a $36.17 million HUD 223(a)(7) loan for 175-unit Willina Ranch Apartments. Dwight Managing Principal Josh Sasouness and Managing Director Josh Hoffman originated the loan. Dwight had previously closed a HUD 223(f) cash-out refinance on the property in 2018, but took advantage of historically low interest rates to reduce the loan’s all-in interest rate considerably via the (a)(7) refinance.

The firm also closed a $55.1 million new construction HUD loan for Aviva Goodyear, a proposed 288-unit apartment community in Goodyear, Ariz. When completed, Aviva Goodyear will have 11 two- and three-story residential buildings and a clubhouse.

Dwight Managing Director Brandon Baksh and Originator Karnveer Bal originated the loan, which is the largest HUD-insured construction loan to date in Arizona.

In Falls Church, Va. Dwight Vice President Daniel Malka and Originator Jacob Gauptman originated more than $52.3 million in HUD 223(f) loans for Oakview Garden Apartments I & II.

Oakview Garden Apartments total 324 units. Both assets are project-based Section 8 properties with nearly all units covered under a Housing Assistance Payment contract, qualifying the property for a 25 basis points Broadly Affordable Housing Mortgage Insurance Premium reduction. Both transactions included Mark-Up-To-Market HAP contract extensions, allowing the sponsor to capitalize on the submarket’s growing rent trends. These are the fifth and sixth loans that Dwight has closed for this borrower.