Dealmaker: Dwight Capital Finances $89M
Dwight Capital, New York, closed $88.6 million in financings for assets in South Carolina, Missouri and Texas.
In Irmo, S.C., Dwight provided a $38.8 million HUD 223(f) refinance for The Residence at Marina Bay, a 216-unit waterfront apartment community on Lake Murray. Built in 2012, the property has five four-story buildings with lake views on 11.3 acres. The loan benefitted from a Green Mortgage Insurance Premium set at 25 basis points because The Residence at Marina Bay is Energy Star certified. Managing Director Keith Hoffman originated this transaction for borrower Arnold Family Corp.
Dwight also financed a $27.1 million HUD 221(d)(4) construction loan for The Apartments at Westport Commons, a proposed 138-unit mixed-use development in Kansas City, Mo. The project is a substantial rehabilitation of Westport High School located in the city’s Southmoreland neighborhood. The site entered the National Register of Historic Places in 2015 and the transaction will utilize state and federal historic tax credits in addition to the debt financing Dwight Capital provided.
The development represents the latest phase of the Westport Commons redevelopment plan, consisting of 15-plus acres within Midtown Kansas City. The current project consists of a four-story mid-rise school building built in three phases. The planned renovation of the original 1908 and 1964 buildings will transform the existing classroom spaces into 138 apartment units across 100,555 square feet; the 1992 annex will be repurposed to 24,000 square feet of commercial space.
This loan also included a Green MIP reduction because the property will qualify as green/energy-efficient housing under the LEED program. Dwight Originator Steven Hunt originated the loan for this project, which is being co-developed by Brain Group CEO and Founder Andrew Brain and Mercier Street Founder and Principal E.F. “Chip” Walsh.
In San Antonio, Dwight Managing Principal Josh Sasouness originated a $22.7 million HUD 223(f) loan for Stablewood Farms Apartments, a 252-unit affordable apartment community. Built in 2002, the property includes 16 two- and three-story garden-style buildings, a leasing office and community center on nearly 22 acres.
The loan benefited from an Affordable Housing MIP reduction set at 35 basis points because three-quarters of the property’s units are restricted to families earning 80 percent of average median income or less and one-fifth are restricted to 50 percent of AMI.
