Dealmaker: Dwight Capital Finances $61M
The Kathryn Ann, Portland, Ore.
Dwight Capital, New York, provided $61.4 million in HUD 223(f) loans for properties in Portland, Ore., and Salt Lake City.
In Portland, Dwight closed a $24.9 million loan for The Kathryn Ann, a 146-unit apartment community, and a $15.1 million loan for The Sellina, a 90-unit community.
Both refinances benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the properties achieved Energy Star green certification. The Kathryn Ann also has an affordability component because 15% of its units are restricted to families earning 80% of the median family income or less. These are the seventh and eighth HUD loans that Dwight has closed for borrower Urban Development Group. McBride Capital brokered both transactions.
Dwight also financed a $21.4 million loan for Paxton 365, a mixed-use building in Salt Lake City. The property has one five-story building with 121 residential units and three commercial spaces including the Paxton Pub. The refinance benefited from a Green MIP Reduction because Paxton 365 is Energy Star-certified.