Dwight Capital Closes the Summer Strong with its 2nd Largest Transaction Since Inception and a Total of $175 Million in FHA/HUD Loans in August 2017

Park Pacific

Dwight Capital, a national commercial lender, closed the second largest transaction in its history, Park Pacific Apartments, a $63.1M 223(a)(7) refinance. Park Pacific Apartments is an adaptive re-use of the historic 23‐story Missouri Pacific Railroad Building located in downtown St. Louis. This property was originally built in the 1920’s, and substantially rehabilitated into a mixed-use development in 2011, inclusive of 230 luxury apartments, 48,000 square feet of Class-A office space, 28,000 square feet of ground-floor retail, and a 585-space, structured parking garage. 

Gary Amey, Jr., Dwight Capital’s Deputy Chief FHA Underwriter, stated “Our underwriting and closing team worked diligently with the Fort Worth and Kansas City HUD offices to find creative solutions for Park Pacific to qualify for the 223(a)(7) program. This refinance enabled The Lawrence Group to improve the energy-efficiency of the property and significantly reduce its annual debt service payments by almost $300,000! This was a complex transaction to work through and speaks to the sheer determination of our staff to manage a unique loan structure of multi-faceted use property that also incorporated Historic Tax Credits, Tax Increment Financing, and subordinate debt. Overall, this was a collaborative team effort for all parties involved and a great example of Dwight’s excellent working relationship with HUD.”

The loan was co-originated by Adam Sasouness & Josh Hoffman.

 

QLS Gardens

Another notable transaction closed by Dwight Capital this month was a $4.95M 223(f) refinance of QLS Gardens Apartments, a 202-unit, mixed-income (HOME and market rate) apartment community, located in Atlanta, GA.  Irene Richardson, Managing Director of the non-profit organization, Quality Living Services, Inc., stated the following:

“Dwight Capital was instrumental in the timely procurement of a HUD 223(f) refinance loan enabling QLS Gardens to meet its goal of preserving affordable housing in our community. When the prior mortgage loan came due, Dwight Capital’s ability to effectively communicate with our loan servicer resulted in advantageous permanent financing and more favorable loan terms. The entire team at Dwight Capital was committed to putting together a comprehensive and accurate application package that received timely HUD approval. It was a pleasure to work with these dedicated and diligent professionals. At QLS Gardens we say ‘Dwight Capital is the best.’”

Dwight Capital’s Deputy Chief FHA Underwriter, Gary Amey, Jr., also has this to add: “Dwight Capital was delighted to have the opportunity to assist in the preservation of affordable housing within the city of Atlanta. Quality Living Services, Inc. was able fund several major capital expenditures through the loan to further improve the condition of the property.  This transaction exemplifies Dwight Capital partnering with HUD to achieve their mission of preserving quality affordable housing.”

Dwight Capital also funded the following loans in August 2017:

$40,671,300         Residences at the John Marshall                   Richmond, VA
$16,390,000         Mountain View Village Apartments               Box Elder, SD                       $11,836,300          Walnut Trails Townhome Apartments            Eagan, MN
$11,000,000         Unity Housing Apartments                             Morgantown, WV
$11,141,600           The Gardens on Prairie Rose                          Roscoe, IL
$6,779,800          The Haven at Windemere                               Baton Rouge, LA
$4,994,000         Fox Shore Apartments                                     Aurora, IL
$3,920,000         Normandale Place Apartments                       Fort Worth, TX
 

Dwight Capital, headquartered in New York, is an FHA/HUD and CMBS lender, focusing on the origination of multifamily and healthcare mortgages. To complement those business lines, Dwight Capital also offers bridge loans and preferred equity/mezzanine loans. Dwight Capital prides itself on providing innovative and creative financial solutions for our clients.


Contact Information:
Chelsea Ward
cw@dwightcap.com
347-338-6365

Dwight Capital Ranks #2 in the Nation for HUD Multi-Family Loans in FY 2016

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NEW YORK--(BUSINESS WIRE)--Dwight Capital, a national provider of commercial loans, announced today that it achieved the #2 ranking in the country among direct lenders for HUD Multi-Family loans in FY 2016 with $901,816,900 in Firm Commitments.

Co-Managing Principal, Josh Sasouness was elated. "We started Dwight Capital a few years ago with the understanding that there was a significant opportunity in the HUD space, a segment of the mortgage banking industry that has been under-served for decades. What we did not anticipate is that we would make such a significant impact as quickly as we did. We nearly doubled our 2015 dollar volume while total HUD volume remained relatively constant."

He added, "Even with such a positive response from the market, we are continuing to increase efficiency and evolve as a company. We strive to be original thinkers and impact our industry with innovation - as Tesla did with automobiles."

Adam Sasouness, Co-Managing Principal, had this to say about Dwight's success: "I am extremely proud of Dwight's achievements in such a short period of time. We commenced operations in 2014 with the goal of becoming a top 10 HUD lender and we were able to exceed that goal in our first full year (FY 2015) when we ranked #5 in the nation. We set the bar higher in 2016 and achieved the #2 ranking. Our team worked hard on every level to achieve these goals. We are looking forward to yet another successful year as we set our sights on being the #1 HUD lender in FY 2017."

For more information about Dwight Capital, please visit: www.dwightcapital.com

Dwight Capital, headquartered in New York, is an FHA/HUD approved lender and CMBS lender, focusing on the origination of multifamily and healthcare mortgages. To complement those business lines, Dwight Capital also offers bridge loans and preferred equity/mezzanine loans. Dwight Capital prides itself on providing innovative and creative financial solutions for our clients.

Dwight Capital Closes $332 Million in FHA/HUD Loans during Q1 2017

Aviana at Tuscany Reno, NV $36,021,200 223(f)

Aviana at Tuscany
Reno, NV
$36,021,200
223(f)

Dwight Capital, a leading national provider of healthcare and multifamily loans, completed its first quarter financing over $332M in FHA/HUD loans.

Q1 highlights included a $47.2M 232/223(a)(7) loan for Cabrini of Westchester (Dobbs Ferry, NY), which saved the facility $600,000+ in annual debt service payments. Dwight Capital utilized its Early Rate Lock ("ERL") program which allowed the owner to lock in a rate six months prior to closing which eliminated interest rate risk. David Arditti, VP & CFO of Cabrini, elaborated on the process:

"Dwight Capital was able to provide an early rate lock; others were not. The team at Dwight was quick to ease concerns and deliver as promised. I recommend Dwight Capital to those looking for a creative lender who can think out-of-the-box and deliver big results."

Another highlight was a $11,969,500 223(a)(7) loan for Turtle Creek Apartments (Branson, MO). Josh Hoffman, Managing Director at Dwight, originated this loan and worked closely with the owner to achieve the property’s Energy Star Certification. Michael Pinkley, Owner of Turtle Creek, noted the following regarding his experience:

"Our recent closing with Dwight Capital furthered our sustainability and energy efficiency goals. Dwight Capital’s use of the 223(a)(7) approach provided Turtle Creek the needed format for achieving our property-wide Energy Star Certification! Though the process had its bumps, Josh Hoffman along with the entire Dwight Capital team were quick to embrace the art of making lemonade from lemons! It was an amazing opportunity for our firm and we look forward to more exciting possibilities with Dwight in the future."

When asked about his team’s Q1 performance, Adam Sasouness, CEO of Dwight Capital, stated: "I’m proud of our team’s performance as we are on track to reach our annual goal. The country’s new administration brought a shake-up to the markets, but we were able to adjust and quickly adapt to the new economic environment. Our priority is always to come through for our clients, which is something we have excelled at, even when faced with increasingly difficult obstacles. We look forward to our continued growth and are excited at this year’s prospects."

Other transactions closed in Q1:

Overlook at Allensville Square – Sevierville, TN - $11,817,900.00

Wright Senior Apartments - Grand Prairie, TX - $7,774,900.00

• Brooktree Apartments – Salem, OR - $2,440,000.00

• Brighton Park Apartments – Salem, OR - $13,112,900.00

Westwood Apartments – Stamford, CT - $13,233,600.00

• Carpenter Crest Apartments – Lacey, WA - $6,902,300.00

Central Park Estates – Novi, MI - $26,675,100.00

• Whitestone Common Apartments – Stroudsburg, PA - $2,482,000.00

Central Park Apartment Homes – Montgomery, AL - $31,320,000.00

Aviana at Tuscany – Reno, NV - $36,021,200.00

Ashburn Meadows – Ashburn, VA - $45,396,600.00

• Chinook Apartments – Juneau, AK - $3,181,200.00

Summerhill Apartments - Titusville, FL - $18,991,300.00

The Links at Thorndale – Oxford, NC - $4,497,700.00

Dwight Capital, headquartered in New York, is an FHA/HUD approved lender and CMBS lender, focusing on the origination of multifamily and healthcare mortgages. To complement those business lines, Dwight Capital also offers bridge loans and preferred equity/mezzanine loans. Dwight Capital prides itself on providing innovative and creative financial solutions for its clients.

 

Dwight Capital Funds over $111 Million in FHA/HUD Loans in September

Dwight Capital concluded HUD’s fiscal year in strong fashion with another busy month, closing seven FHA/HUD loans in September totaling over $111 million.

On September 29th, Dwight closed a $19.7 million HUD 223(a)(7) refinance for Carolina Place Apartments in Jacksonville, NC. Josh Hoffman, Managing Director at Dwight, originated this loan along with Darren Barnes. The 223(a)(7) is a streamlined HUD refinance designed to reduce the loan’s interest rate and generate cash flow savings for the property. According to Josh, “in this instance, we were able to work with the owners and with HUD in order to reduce the mortgage insurance premium (“MIP”) on the loan. This was one of the first properties in the state to achieve ‘Energy Star’ status allowing us to cut the loan’s MIP in half through an innovative HUD initiative geared towards energy sustainability.”

Josh also worked with Brandon Eustace to close an $8.8 million HUD 223(f) refinance in September. The property, Cougar Court Apartments, is a 149-unit community located in Rexburg, Idaho, owned by Cougar Land Management, LLC. One of the owners of the property, Holly B. VanKomen, stated: “From start to finish, the entire Dwight team exceeded our expectations and were incredible to work with. I have worked with the commercial loan industry for over 25 years and have yet to see a process play out in such a smooth way. The Dwight team did an excellent job of elucidating the process upfront and it went exactly as they suggested it would.”

Dwight Capital also closed and funded a $26.6 million HUD 223(a)(7) refinance of Belleau Woods, a 339-unit apartment complex in Bellingham, WA. Josh Sasouness, Managing Principal of Dwight Capital, closed the loan along with Josh Hoffman. Sasouness and Hoffman worked with the owner to put the original HUD financing in place in 2014 and were able to reduce the interest rate further due to the dip in the 10-year treasury over the summer.

Josh Sasouness was also able to take advantage of low interest rates in order to modify the existing $28 million HUD loan on Zachary Parkside, a luxury apartment community in Zachary, LA. This loan closed through HUD’s interest rate reduction program.

Notably, Dwight also funded a $6.4 million HUD loan for Lakeview Terrace, an assisted living facility in Boulder City, NV, originated by Josh Hoffman and Kevin Lifshitz.

Other transactions closed in September:

Dwight Capital, headquartered in New York, is an FHA/HUD approved lender and CMBS lender, focusing on the origination of multifamily and healthcare mortgages. To complement those business lines, Dwight Capital also offers bridge loans and preferred equity/mezzanine loans. Dwight Capital prides itself on providing innovative and creative financial solutions for our clients.

Dwight Capital Funds over $317 Million in FHA/HUD Loans in June and July

NEW YORK–Dwight Capital, a national commercial lender, closed an astounding 15 FHA/HUD loans exceeding over $317 million in June and July. These loans were closed throughout the nation, including: Oregon, California, Nevada, North Carolina, and Maryland.

Josh Sasouness, Managing Partner of Dwight Capital and Brandon Baksh, Managing Director, originated a $128 Million 223(a)(7) loan for City Market at O in Washington, D.C. It was the largest 223(a)(7) in HUD’s history.

Brandon Baksh originated a $28.7 million HUD 223(a)(7) for Lofts at Reynolds Village in Woodfin, NC and a $15.8 million 223(a)(7) for InterPointe in Billings, MT. Both properties took advantage of HUD’s new Energy Star initiative, achieving a reduced MIP.

Kirk Boone from Reynolds Mountain explained the process:

“Dwight Capital recently closed an A7 refinance for our $29 million 220 Urban Renewal. We found them to not only have the best rates, but also an excellent team approach that met very aggressive deadlines. They used their well-developed relationships with HUD to ensure a quick and seamless process. They further showed their value by putting us in touch with their network of owners and developers to help identify potential buyers and sellers of FHA properties. We are very happy with Dwight Capital and plan on a long term future business relationship.”

 

Adam Sasouness, Managing Partner of Dwight Capital, and Brandon Baksh teamed up to originate a $32.8 million HUD223(f) loan for Venicia in July. The borrower was able to take advantage of a strong Las Vegas market and cash out significant equity on an asset already in HUD’s portfolio. Reinier Santana, President & Chief Operating Officer of Ovation Development noted:

“Dwight Capital was able to navigate the typically complex 223(f) process with ease and demonstrated their depth of knowledge by closing this loan quickly and smoothly. Adam and his team are great to work with, and we are looking forward to working with them again in the near future. They are one of the best HUD lenders in the country, if not, already the best!”

Dwight Capital funded the following in June and July:

June:

  • $6,339,300 – Ridge Road: North Little Rock, AR
  • $6,200,000 – Windsor Manor: Portland, OR
  • $2,446,600 – Anchor Down: San Diego, CA
  • $9,829,000 – Bedford Green: Bedford, NH
  • $5,194,100 – Zachary Park: Portland, OR
  • $25,416,500 – Mayfair Mansions: Silver Spring, MD

July:

  • $128,000,000 – City Market @ O: Washington, D.C.
  • $28,691,700 – Lofts at Reynolds Village: Woodfin, NC
  • $1,468,000 – Burlington Square: Missoula, MT
  • $2,535,200 – Eagle Ridge II: Rapid City, SD
  • $23,600,000 – Henson Creek: Fort Washington, MD
  • $15,802,300 – InterPointe: Billings, MT
  • $1,320,000 – Hurricane: Hurricane, WV
  • $32,800,000 – Venicia: Las Vegas, NV
  • $28,066,900 – Villa Lucia: Fresno, C

Dwight Capital Funds over $110 Million in FHA/HUD Loans in April and May

Dwight Capital, a national commercial lender, funded 9 FHA/HUD loans totaling over $110 million in the months of April and May 2016. These loans included 5 HUD 223(f) refinances, 2 HUD 223(a)(7) interest rate modifications, and 2 IRR loan modifications.

Josh Sasouness, Managing Principal at Dwight Capital, and Keith Hoffman originated a $28,305,000 HUD 223(f) loan for Oak Hill Apartments in Rensselaer, NY that closed in April. It only took Josh and Keith approximately six months from executed sales contract to close the 223(f) acquisition loan. Dan Hsu of Mount Auburn explained the process:

“Oak Hill was a unique acquisition where the seller was in the middle of a HUD 223(f) loan application with Dwight when we put the property under contract. Josh, Keith and the Dwight team successfully swapped Mount Auburn with the seller during the loan application without delaying the process. They were also able to procure a 223(f) loan with higher proceeds then we originally anticipated, and advised us to lock in a very competitive rate unseen during that time. Dwight Capital was an instrumental partner of ours in helping us close the acquisition and permanent loan simultaneously in order for us to execute our business plan. We look forward to continuing to do business with Dwight Capital in the near and far future for our real estate capital needs.”

Josh Sasouness also originated Ridge Parc II, a $6,000,000 property in Dallas, TX that closed in April. Pat Uhl, the owner of the property, praised Dwight Capital: “The staff consistently stayed on top of documents that were required to be submitted in a timely manner with either emails and/or conference calls. We requested an earlier closing date and our request closed that date. During the process if there were any questions regarding HUD’S checklist, we were clearly informed. Looking forward working with Dwight Capital in the future.”

Dwight Capital also funded the following in April and May:

Dwight Capital Funds over $62 Million in FHA/HUD Loans in February and March

Dwight Capital, a top tier national commercial lender, funded eight FHA/HUD loans totaling in excess of $62 Million in the months of February and March 2016. The loans included HUD 223(f) refinances, 223(a)(7) interest rate modifications, an IRR loan modification, and a new construction 221(d)(4) loan.

 

Dwight closed a $16,797,248 note modification on The Reserve at Towne Crossing in Longview, TX.  In 2014, The Reserve was one of Dwight Capital’s first closed HUD loans. However, with the 10-year treasury yields at a 3-year low, Dwight was able to further modify the loan’s interest rate and save the property an additional $30K in annual debt service. “We were thrilled to have another opportunity to work with Johnny and Andy to help generate more cash flow for the property. The Reserve is an important part of Dwight Capital’s lending portfolio, and we will continue to work closely with the owners to find ways to improve the bottom line,” explained managing director Josh Hoffman.

 

In March, Dwight Capital closed a construction loan for Zachary Parkside II in Zachary, LA, the second phase of an existing HUD property. Josh Sasouness, Managing Principal of Dwight Capital, originated the loan to finance the construction 40 new units through the HUD 221(d)(4) program. The mortgage amount of $7,113,200 represents 90% of the estimated costs. The asset will be developed and managed by Maestri-Murrell, a large regional real estate development and management company headquartered in Baton Rouge, LA. When speaking of the deal, Ben Stalter from Maestri-Murrell said of Dwight: “From start to finish the team at Dwight Capital took my project personally which really separates them from the other experiences I’ve had with other companies. I was able to reach them quickly when needed and they always delivered on what they promised.”

 

Brandon Baksh originated a $12,520,000 HUD 223(f) loan for The Lotus Apartments in Salt Lake City, UT that closed in February. Bryan Wrigley, borrower of the property, said of the transaction: “Dwight Capital was instrumental in closing a very important loan for our company. The team efficiently structured the deal and the process was streamlined and smooth despite being a fairly complex financing procedure. What most certainly set Dwight Capital apart was its detailed knowledge and proactive approach to solving problems throughout the process. Dwight Capital is made up of extraordinary group of people that know what they are doing.”

 

Dwight Capital also funded the following properties in February and March:

 

  • $2,726,700: Paseo de Paz Apartments – Kerrville, TX
  • $5,372,800: Tower Apartments – Hermiston, OR

 

About Dwight Capital:

 

Dwight Capital, headquartered in New York, is an FHA/HUD approved lender and CMBS lender, focusing on the origination of multifamily and healthcare mortgages. To complement those business lines, Dwight Capital also offers bridge loans and preferred equity/mezzanine loans. Dwight Capital prides itself on providing innovative and creative financial solutions for our clients.

Dwight Capital Funds over $95 Million in FHA-HUD Loans in December and January

Dwight Capital, a national commercial lender, finished 2015 and kicked off 2016 in robust fashion by funding nine FHA/HUD loans totaling in excess of $95 Million in the months of December and January. The loans were closed throughout the nation, including Utah, Oregon, Florida, Illinois, and Alabama.

  • Josh Sasouness, co-managing principal of Dwight Capital, and Keith Hoffman teamed up to originate Seminole Ridge Apartments, an existing HUD property. Sasouness and Hoffman secured a loan of $13,642,900 through the HUD 223(f) program to refinance the 240-unit affordable apartment building in Orlando, FL. Seminole Ridge, a former low-income housing tax credit property, is owned by a non-profit corporation in Riverside, CA.
  • Dwight Capital’s Managing Director Josh Hoffman, working in tandem with Josh Sasouness, originated Preston Hollow Apartments, a 204 unit apartment building in Murray, UT, just outside Salt Lake City. Preston Hollow was also refinanced through the HUD 223(f) program, for a loan amount of $24,285,500, allowing the owner, a Salt Lake City based real estate investment firm, to recoup significant equity growth since its initial investment.

Dwight Capital also funded the following borrowers in December and January: