Dealmaker: Dwight Capital Announces Three Deals
(580 South Water in Providence, Image Courtesy Dwight Capital)
Dwight Capital, New York, announced three recent transactions in Oregon, Connecticut and Rhode Island.
In Oregon, Dwight Capital closed a $35.7 million HUD 232/223(f) refinance for Boone Ridge Senior Living, an assisted-living facility and memory care complex in Salem. The transaction was brokered by Oak Grove Financial.
Dwight Capital notes this loan is the Federal Housing Administration’s first firm commitment issued under its Section 232 Residential Care Facility Green Mortgage Insurance Premium Reduction Program. Eligible properties must meet certain standards. Boone Senior Living is in the process of achieving a National Green Building Standard Bronze certification and will use the Green MIP rate reduction to finance $600,000 in proposed energy conservation retrofits.
In Connecticut, Dwight Capital closed a $34 million 40-year fixed-rate HUD 221(d)(4) new construction loan for Harbor Heights II, a proposed apartment community in Mystic. Vice President Daniel Malka and Jacob Gauptman originated the transaction.
The project successfully bypassed HUD’s preliminary application stage and submitted a “straight-to-firm” application, resulting in significant time savings for the borrower. The loan also benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property will achieve a National Green Building Standard Bronze certification.
In Rhode Island, Dwight Capital closed a $19.5 million HUD 223(f) refinance for 580 South Water, a luxury apartment community in Providence. Managing Director Josh Hoffman and Jonathan Pomper originated the transaction.
The loan benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points as the property achieved an ENERGY STAR certification.
