Dealmaker: Dwight Capital Closes $168M in HUD, Bridge Financings

Dwight Capital, New York, closed $167.7 million in HUD 223(f) and bridge financings.

In Mission Viejo, Calif., Dwight closed a $74.99 million HUD 223(f) loan for Saddleback Ranch Apartments, a 305-unit garden-style property. Saddleback Ranch Apartments includes 38 two-story walk-up buildings, a fitness center, tennis court, basketball court and two swimming pools. Dwight Managing Principal Josh Sasouness originated this transaction.

Residences at Town Square

Sasouness also originated a $32.8 million HUD 223(f) loan for Legends of Fox Creek, a 339-unit garden-style property in Clarkston, Mich. The property has 14 two- and three-story apartment buildings, a clubhouse with leasing office and four storage buildings on nearly 40 acres. The loan benefited from a Green Mortgage Insurance Premium reduction because the property qualifies as green/energy-efficient housing.

Vice President Daniel Malka originated a $60 million cash-out bridge loan for Residences at Town Square, a 480-unit mixed-use property in Amarillo, Texas. Built between 2015 and 2019, the property has four five-story residential buildings and 121,360 square feet of ground-floor retail space, including a dental office, nail bar, spa and steakhouse.

The bridge loan on Residences at Town Square retired existing debt. Daniel Hartnett, Senior Managing Director with Greysteel, Dallas, served as a correspondent on the transaction.