Dealmaker: Dwight Capital Finances $181M for Multifamily

Dwight Capital, New York, financed $181 million for multifamily properties in three states.

The firm provided $50.4 million for Legends Cary Towne, a 354-unit community in Raleigh, N.C. The property includes 15 three-story buildings, a clubhouse and seven parking garages on 21-plus acres. Legends Cary Towne has undergone interior and exterior renovations since 2015, including improvements on 90 percent of its units. Managing Principal Josh Sasouness originated the transaction.

Dwight Managing Director Brandon Baksh and Originator Brian Yee originated $50 million for SOVA on Grant Apartments, a 211-unit uptown Denver property. The community, which delivered in 2018, has amenities including a virtual golf driving range, rooftop lounge and spa. Upon construction, the property received the LEED Silver designation, and therefore achieved a Green MIP Reduction set at 25 basis points.

Dwight also financed loans for Infinity Apartments and Cascades at Woods Corner, two adjacent apartment communities in Virginia Beach, Va. It closed $40.4 million for Infinity Apartments, a 236-unit complex built in 2016, and $40.2 million for Cascades at Woods Corner, which dates to 2010. Cascades at Woods Corner has seven three-story apartment buildings with 226 residential units and one four-story mixed-use building with nine commercial units. Baksh and Originator Karnveer Bal originated these transactions.