Dealmaker: Dwight Capital Finances $152M for Multifamily

Dwight Capital, New York, closed $151.5 million in financings for three multifamily properties.

Among the closings were HUD 223(f) loans for Ashburn Meadows Apartments and Villa Vita Apartments and a bridge loan for U Place Apartments.

Dwight provided $66.8 million for Ashburn Meadows Apartments, a 336-unit affordable apartment community in Ashburn, Va. Built in two phases in 2000 and 2002, the property consists of 14 three-story apartment buildings and a one-story clubhouse on 18-plus acres. The property is comprised of 100 percent Low-Income Housing Tax Credit units. Managing Director Brandon Baksh originated this transaction, the fourth refinance Dwight has closed for this repeat client.

Baksh and Originator Karnveer Bal originated a $29.75 million HUD refinance for Villa Vita Apartments, a 183-unit apartment property in Peoria, Ariz. Built in 2019, Villa Vita Apartments has seven three-story residential buildings, three garages, a clubhouse and a gazebo on 22.7 acres. The loan included a Green MIP Reduction set at 25 basis points because the property qualifies as green/energy-efficient housing.

In Seattle’s University District, Dwight closed $55 million in bridge financing for U Place Apartments, a 243-unit mixed-use property. Built in August 2020, U Place includes 19,450 square feet of retail space on the ground floor.

U Place Apartments is adjacent to outdoor lifestyle shopping center University Village, which has more than 120 high-end shops and restaurants. Dwight Managing Principal Josh Sasouness originated this transaction.