Dealmaker: Dwight Capital Finances $108M
Dwight Capital, New York, closed $108.2 million in loans for multifamily properties in Illinois and Connecticut and a bridge loan for a mixed-use property in San Francisco.
Dwight financed a $49.8 million HUD 223(f) cash-out refinance for Highland Ridge Apartments, a 240-unit garden-style apartment community in Lockport, Ill. Completed in 2019, the property has 12 apartment buildings and a clubhouse/leasing office on 15-plus acres. The loan benefited from a Green Mortgage Insurance Premium reduction set at 25 basis points because Highland Ridge Apartments is Energy Star-certified. Managing Director Brandon Baksh originated this transaction for Heartland Real Estate Partners, Chicago.
Vice President Daniel Malka and Jacob Gauptman closed a $32.4 million HUD 223(f) cash-out refinance for Harbor Heights Apartments, a 121-unit apartment community in Mystic, Conn. This loan also included a Green MIP because the property is Energy Star certified.
The HUD refinance paid off a bridge loan, which closed in November 2021 through the firm’s mortgage REIT affiliate, Dwight Mortgage Trust. It retired construction debt and funded pre-development costs for a second phase of the property.
In San Francisco, Dwight provided a $26 million bridge refinance for 235 Valencia Street, a newly constructed 40-unit property with ground-floor commercial space. The loan proceeds paid off a construction loan. Built in 2021, the five-story property houses 20,370 square feet of residential area and 5,530 square feet of commercial space.
Located in the Mission District, 235 Valencia Street offers tenants accessible public transportation and proximity to major demand drivers, including Twitter’s office headquarters. The community has an expansive roof deck with barbeque and uses sustainable features, including a bioretention program, green roof system and green cleaning program.
Dwight Associate Ian Hawk and Managing Director David Scheer originated this transaction, which was brokered by Aaron Appel and Ari Hirt of Walker & Dunlop.
