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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.
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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.