Dealmaker: Dwight Capital Finances $114M

Village at Baker Creek

Dwight Capital, New York, closed $114 million in financings for multifamily properties.

The firm closed HUD loans for Remington Apartments St. Charles, Mo., Village at Baker Creek in Bellingham, Wash. and Desert Sky Apartments in Las Vegas.

Dwight provided $49 million for Remington Apartments, a 472-unit garden-style property. Situated on nearly 40 acres, the property was renovated in 2015. It has 33 two-story apartment buildings, a clubhouse, fitness center and outdoor amenities including a swimming pool, tennis court, volleyball court and barbecue areas. Managing Director Josh Hoffman and Executive Vice President Keith Hoffman originated this transaction.

Desert Sky Apartments

Josh Hoffman and Managing Principal Josh Sasouness also originated $37 million for Village at Baker Creek for a repeat Dwight client, a 256-unit garden-style community. Built in phases between 2002 and 2015, the property’s 19 buildings occupy more than 16 acres. The loan’s mortgage insurance premium was reduced to 25 basis points because the property is Energy Star certified.

Dwight also financed $28 million for 170-unit Desert Sky Apartments. The property’s 12 two-story residential buildings were renovated in 2001.

Dwight Executive Vice President Keith Hoffman originated this loan, the second HUD 223(f) refinance the firm has closed for the asset in the past two years.