Dealmaker: Dwight Capital Finances $89M
Dwight Capital, New York, closed $89.3 million in multifamily financings.
Dwight provided $35.4 million in HUD financing for The Gables of Troy, a 544-unit apartment property in Troy, Mich. with 42 three-story residential buildings and a clubhouse. The loan benefited from a Green Mortgage Insurance Premium set at 25 basis points because the property qualified as green/energy efficient. Karnveer Bal originated this transaction.
Bal and Dwight Managing Director Brandon Baksh originated a $32.5 million HUD 223(f) loan for Walton Centennial Apartments, a 250-unit property in Roswell, Ga. Built on 43.2 acres in 2002, the property includes a nature preserve. The loan benefitted from a Green MIP Reduction because the property is Energy Star-certified.
Dwight also financed a $21.4 million bridge acquisition loan for three garden-style apartment communities in Warner Robins, Ga., Wellston Ridge, Oakdale Village and Northcrest Apartments. Together, the properties total 321 units. The borrower plans to invest in a capex plan to complete interior and exterior improvements on all three properties. Dwight’s David Scheer and Alex Izso originated this transaction.