Dealmaker: Dwight Capital Finances $73.7M

Dwight Capital, New York, provided a $36 million HUD 223(f) loan for Villas of Capri, a 235-unit affordable apartment community in Naples, Fla.

Villas of Capri has 15 garden-style buildings on 20-plus acres.

Dwight Executive Vice President Daniel Malka originated this transaction, which benefitted from an Affordable Housing Mortgage Insurance Premium reduction set at 35 basis points because the property meets the Low-Income Housing Agreement. The refinance will be used for future capital expenditures, retire existing debt and complete repairs.

Dwight also closed a $37.7 million HUD 221(d)(4) new construction loan for InterUrban Apartment Homes 2.0, a 216-unit proposed apartment community in Billings, Mont. The property will have six three-story buildings and a one-story clubhouse on 10-plus acres.

InterUrban Apartment Homes 2.0 will meet National Green Building Standard Bronze guidelines, qualifying it for a Green Mortgage Insurance Premium reduction set at 25 basis points. Dwight Managing Director Brandon Baksh originated this transaction for Stock Development, Billings, Mont. Dwight also closed a $24.4 million HUD 223(a)(7) loan for the property’s first phase in April 2020.