Dwight Capital Closes Loans in Excess of $163.96 MM in September 2019

Dwight Capital is pleased to announce another successful month with closings surpassing $163.96 MM. Featured among Dwight’s September closings are HUD 223(f) loans on Autumn Creek Apartments, The Meadows at Elk Creek, and The Village at Wildcreek.

Dwight’s Executive VP, Keith Hoffman, originated the $29.76 MM HUD 223(f) loan for Autumn Creek Apartments, a 228-unit luxurious market-rate apartment complex in East Amherst, New York. The property was built in 2001 and sits on 22-acres. Autumn Creek earned an Energy Star score of 98, qualifying as Green/Energy Efficient Housing, thus receiving a reduced MIP of 0.25%. It was also ranked among the nation’s top-rated apartment communities in 2018 for its outstanding resident experience.

The $17 MM HUD 223(f) loan for The Meadows at Elk Creek, a 200-unit garden-style apartment complex located in Elkton, Maryland, was originated by Managing Director, Kevin Lifshitz, and refinanced a Dwight bridge loan. The mortgage includes a 0.25% MIP reduction for achieving Green Energy Efficient Housing standards.

Managing Director, Josh Hoffman, originated the $36.5 MM HUD 223(f) loan on The Village at Wildcreek, a 240-unit garden-style apartment complex located in Sparks, Nevada. Built in 2001, the property sits on a 13.36-acre lot with convenient transportation access. This property also qualified as Green/Energy Efficient Housing and received an MIP reduction of 0.25%. This refinance also allowed the borrower to complete unit renovations.

In addition to Dwight’s multifamily loans, $18.4 MM was closed in financing for healthcare properties.

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Dwight Capital Closes Multifamily Loans in Excess of $78 MM in August 2019

Dwight Capital is pleased to report another strong transactional month with multifamily loan closings exceeding $78 MM.

Dwight’s Managing Principal, Josh Sasouness, and Executive VP, Keith Hoffman, originated a $15.97 MM HUD 223(f) cash-out refinance for Point Beach Apartments, a 108-unit, garden-style apartment complex located in Point Pleasant Beach, NJ. The property consists of eight two-story buildings situated on 7.03-acres of land two blocks from the Point Pleasant Beach boardwalk, a famed summer destination for residents in the Tri-State Area. Point Beach Apartments underwent a significant renovation in 2006-2008 in which its exteriors and interiors were updated to expand unit sizes and replace the electrical system to digitally controlled heating and cooling. The sponsor was able to cash-out through the refinance.

Dwight also closed a $11.64 MM HUD 223(f) loan on Rolling Creek Apartments in Vancouver, WA. The project is a 111-unit, garden-style residential apartment complex. The property consists of 4.84-acres and has a gross building area of 100,433 square feet. Managing Director, Josh Hoffman, and Vice President, Daniel Malka, originated this loan.

Dwight also closed a $24.8 MM HUD 223(f) loan on a project in Nevada that received a reduced MIP of 0.25% due to its qualification as Green Energy Efficient Housing, and a $20.72 MM HUD 223(f) loan on an affordable housing property in Washington, DC.

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Dwight Capital Closes $74.2 MM in July 2019

Dwight is pleased to announce another successful month with closings exceeding $74.2 MM. Featured among July’s transactions are a $46.5 MM HUD 223(f) cash-out refinance on Positano Apartments in NV, an $11 MM HUD 223(f) cash-out refinance on Churchill Senior Living Phase I in MD, and a $2.64 MM 223(f) loan on South Parkersburg Unity Plaza in WV.

Positano Apartments is a 360-unit garden-style apartment complex located in Las Vegas, NV. Built in 2002, the property sits on 20-acres of land and is fully equipped with a recreation room, fitness center and outdoor pool/spa. The sponsor, a long-time Dwight client, was able to cash-out through the refinance. Additionally, Dwight helped the sponsor obtain an ENERGY STAR certification for the property, which enabled them to reduce their Mortgage Insurance Premium (MIP) to 0.25%. This loan was originated by Managing Principal, Adam Sasouness.

Churchill Senior Living Phase I is a 121-unit apartment community for seniors in Germantown, MD. Built in 2001, the project has been well-maintained and is situated on 3.7-acres. The cash-out loan includes a reduced MIP of 0.25% due to its LIHTC (Low-Income Housing Tax Credits) status. Vice President, Ari Mandelbaum, originated this loan.

South Parkersburg Unity Plaza, originated by Managing Director, Josh Hoffman, is a 60-unit affordable senior apartment community in Parkersburg, WV. The building is owned and sponsored by two nonprofit entities whose mission it is to provide housing facilities to the elderly. This property also benefited from a reduced MIP rate of 0.25% due to its affordable status.

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Dwight Capital Closes Loans in Excess of $73.7 MM in June 2019

Dwight Capital is pleased to announce another successful month with closings surpassing $73.7 MM. Featured closings include a $23.8 MM 223(f) loan on an apartment community in TX, and a $14.45 MM bridge loan on Woodside Meadow Apartments in MI.

One of the properties is a 296-unit garden-style apartment complex that is situated on 18-acres located in San Antonio, TX. Built in 2005, the gated community is conveniently located near multiple schools and features a state-of-the-art fitness center and swimming pools. With Dwight’s assistance, the project qualified for HUD’s Green MIP program, which provides a financial incentive for the owner given the project’s history of energy efficient consumption.

Woodside Meadow Apartments is a 350-unit garden style apartment community located in Lansing, MI. The property consists of over 325,000 square feet and it sits on nearly 37-acres. It includes amenities such as a clubhouse, swimming pool, and fitness center. A portion of the financing for Woodside Meadows will be put towards significant renovations to upgrade all units, common areas, and several external features. Managing Directors, Kevin Lifshitz and Josh Hoffman, originated the loan.

In addition to Dwight’s multifamily loans, $7.75 MM was closed in healthcare financing for a portfolio in TN. 

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Dwight Capital Closes Loans in Excess of $103.6 MM in May 2019

Dwight Capital is pleased to announce another strong transactional month in May with closings exceeding $103.6 MM.

Dwight closed a $25 MM bridge loan on Springs at Cottonwood Creek, a 260-unit Class-A, garden-style apartment community located in Waco, TX, and a $41 MM bridge loan on Springs at West Chester, a 308-unit Class-A, garden-style apartment community located in West Chester, OH, a northern suburb of Cincinnati.  Both buildings were constructed in 2017.

Dwight also closed a $4 MM+ HUD 223(f) loan on Gardens at Clearwater, an 80-unit senior housing apartment complex located in Kerrville, Texas and a $5.06 MM HUD 223(f) loan on Friendship Place Apartments, a 76-unit, garden-style residential apartment complex located in Fredericksburg, Texas.  Both properties contained Land Use Restrictive Agreements (LURAs) and qualified as Broadly Affordable Housing under the HUD/MAP Guide definition, therefore qualifying for a reduced MIP of 0.25%.

In addition to Dwight’s multifamily loans, several healthcare loans also closed in May:

Dwight Capital Closes Over $114 Million in Loans in March 2019

March proved to be another strong month for Dwight Capital, with more than $114 million in loan closings.

Dwight closed a $39.2 MM 223(f) loan on Lost Creek at Lakewood Ranch, a 272-unit, garden-style apartment community located in Bradenton, Florida. The loan was originated by Josh Sasouness, Managing Partner, and Kevin Lifshitz, Senior VP. Built in 2012, the apartments are situated on 23.8-acres of land and are comprised of 7 three-story apartment buildings, 2 two-story apartment buildings, a clubhouse, 10 garage buildings and a storage building. Dwight Capital was able to assist the owner in achieving a reduced MIP of 0.25% through the Green and Energy Efficient Housing MIP reduction program.

Dwight also closed a $21.1 MM 223(f) loan on Camino al Norte, a 146-unit, garden-style apartment complex located in North Las Vegas, Nevada. 36 units were constructed in 2008 within Phase I, and the remaining 110 units were constructed between 2010-2013 as part of Phase II. The property qualified as Green and Energy Efficient Housing and was approved for a reduced MIP of 0.25%.

The owner, Charles M. Sprincin, had the following to say regarding the transaction, “I continue to be impressed by the professional approach of Dwight Capital when creating financial solutions tailored to our specific objectives. We found competence in execution at every level of the Organization. In particular, our point-person, Brandon Baksh, assisted almost daily through every aspect of the detailed process of applying for and funding a HUD 223(f) loan.”

Dwight Capital also closed the following transactions this March:

  • $3.3 MM Bridge loan for Victory Health and Rehabilitation Center, an 82-bed skilled nursing facility (SNF) in Minneapolis, MN. The buyer acquired the facility from a healthcare REIT and plans to improve performance through operational efficiencies.

  • $3.6 MM Bridge loan for Sunny Ridge Rehabilitation Center, a 121-bed SNF in Sheboygan, WI. The buyer acquired the facility from a regional operator located in the Midwest and plans to improve performance mainly through operational efficiencies.

  • $8.5 MM Bridge loan on Beech Tree Manor, a 110-bed SNF in Jellico, TN; one of the only facilities servicing the local communities in the northern Tennessee region.

  • $8.85 MM 223(f) loan for The Zimmer Apartments, an 85-unit, market-rate multifamily property in Gresham, OR.

  • $15.2 MM Bridge loan for Magnolia Creek, a 156-bed SNF in Covington, TN. The owner, a large regional operator, will use the proceeds to pay off existing debt and fund upcoming acquisitions.

  • $14.3 MM Bridge loan on Mariner’s Cove, an 87-unit garden-style apartment in Stockton, CA.

Dwight Capital Closes Over $118 Million in Transactions this February

Dwight Capital’s growth remains solid in 2019, closing over $118 MM in transactions this February. Most notably, a $31 MM loan on Tesora Apartments in NV and a $41.17 MM loan on The Preserve at Ballantyne Commons in NC.

Tesora Apartments is a 231-unit, Class A, garden-style apartment complex located in Las Vegas, NV, 20 miles from The Strip. The property was constructed in a single phase in 2004, consisting of 36 two-story apartment buildings, as well as a clubhouse, and several amenity spaces.

The $31,013,200 223(f) refinance closed on February 15th, 2019. With the help of Dwight Capital, the project was able to obtain the Energy Star for Existing Buildings Certification with an Energy Star score of 96, thereby qualifying the project for HUD’s reduced Green MIP program.

This transaction strengthened Dwight’s already established relationship with the Ovation team, with whom Dwight has closed several refinances in the Las Vegas MSA including Amalfi, Tivoli, and Venicia Apartments

Dwight Capital also secured a $41.17 million HUD 223(f) loan for The Preserve at Ballantyne Commons, a 270-unit market rate apartment building located in Charlotte, NC. The non-recourse fixed rate loan had a 35-year term with a flexible step-down prepayment schedule.

Managing Director, Brandon Baksh, commented on the refinancing, “This was a big closing for Dwight Capital. We were able to achieve the National Green Building Standard (NGBS) certification despite the project needing a significant amount of capex to get there. We were able to use the necessary repairs to increase the appraised value of the project and our underwritten NOI. This is the type of renovation HUD had envisioned with the green program and we are glad we were able to achieve a win-win for both the borrower and HUD.”

 Other Dwight closings in February 2019 include:

  • $3.96 MM Bridge loan on Indian Creek Healthcare Center, a 120-bed SNF in Overland Park, KS

  • $2.34 MM Bridge loan on Underwood Manor, a 32-bed ALF in Hinsdale, NY

  • $10.6 MM 223(f) loan on Executive House Apartments, a 100-unit multifamily property in Lansdale, PA

  • $3.7 MM Bridge loan for a three-facility SNF Portfolio in WI

  • $3.77 MM Bridge loan on Oceana Rehab and Nursing Center, a 116-bed SNF in Cape May Court House, NJ

  • $17.3 MM 223(f) loan on Parc Central Apartments, a 151-unit multifamily property in Vancouver, WA

  • $4.56 MM 223(f) loan on Nola Place Apartments, a 54-unit multifamily property in Salem, OR

Dwight Capital Going Strong at $80+ Million in Healthcare Transactions since December

Closing $80+ MM in Healthcare Transactions Since December,

Dwight Capital Continues Solid Growth in 2019

 Dwight Capital finished 2018 strong and carried that momentum into 2019, having closed $80+ MM in healthcare transactions over the past couple of months.  


  • $5.3 MM bridge loan on Fox Glove Center, a 109-bed Skilled Nursing Facility ("SNF") in Atlanta, GA


  • $13.2 MM bridge loan for an Ohio SNF Portfolio including Fairlawn Rehab & Nursing Center, Lima Acres Rehab & Nursing Center and Cedars of Lebanon Rehabilitation & Nursing Center totaling 256 beds.

Dwight Capital also arranged the refinancing for Landmark at Oceanview, a 90-bed Assisted Living Facility located in Beverly, MA. The $13 MM loan proceeds were used to retire existing bank and partnership debt, as well as provide a cash-out to the borrower. Additionally, Dwight arranged a $4 MMreal estate and construction loan for 43-bed substance abuse treatment facility in Concord, MA for Landmark Recovery, and a land & construction loan for an 88-bed memory care facility in Los Angeles County for $22M.

Dwight Capital Closes Over $1B in Loans in FY 2018; Remains a Top Multifamily HUD Lender

Dwight Capital Ranks As a Top-3 Lender by HUD Loans Closed

Dwight Capital, a leading real estate lending and investment company, announced that it has achieved another stellar year closing in excess of $1 billion in loans. Dwight’s performance has earned it a top-5 HUD Lender ranking for the fourth year in a row by both dollar volume and number of loans; additionally, Dwight also surpassed $3.25 billion in servicing volume.

2018 Notable Closings:

Packard Lofts

packard lofts los angeles.jpg

In August 2018, Dwight Capital secured a $37,832,100 HUD 223(f) loan for Packard Lofts, a Class-A mixed-use development located in Downtown Los Angeles’ South Park neighborhood. Originally built in 1912, this project underwent an extensive adaptive re-use gut rehabilitation in 2007. Today the project consists of 116 luxury apartment units, 8.5K SF of ground floor retail, two billboard advertising spaces, and a 151-space parking garage.

Through this refinance several energy-efficient upgrades were made to Packard Lofts, among other repairs, all of which were mortgageable costs reimbursed back to the owner upon completion. As a result, the project has qualified for HUD’s advantageous Green Mortgage Insurance Premium (“MIP”) program of 0.25% of the loan amount. Additionally, Packard Lofts was one of the last properties in LA able to take advantage of the Los Angeles Department of Water and Power’s Solar Incentive Program before it expired in December 2018.

Primrose Place

Primrose Place Apartments is a 144-unit, Class-A garden style apartment complex located in Ocean Township, New Jersey, approximately 40 miles south of New York City. The property was built in two phases between 2006 and 2010 and includes 125 market rate units and 19 affordable units in accordance with the New Jersey Council on Affordable Housing (COAH). The 20.62-acre site is located just 5 miles from the Jersey Shore.

The $32,417,100 223(f) refinance closed on July 25, 2018. With the help of Dwight Capital, the project was able to obtain the Energy Star for Existing Buildings Certification with an Energy Star score of 89, thereby qualifying the project for HUD’s reduced Green MIP program.

Prairie Gate Community

Prairie Gate Community is a 264-unit, Class-A multifamily complex under construction in Grand Prairie, Texas, approximately 12 miles west of Downtown Dallas. Dwight Capital closed the $36,747,000 Section 221(d)(4) New Construction loan on May 31, 2018.

 After a successful concept meeting with Fort Worth HUD, Dwight Capital received an invitation to submit a direct-to-firm application, which demonstrated the strength of Dwight’s concept meeting presentation and the developer’s experience and expertise, as direct-to-firm invitations are rarely issued to market-rate projects. In addition to HUD’s already favorable loan terms, the developers took advantage of the reduced Green MIP program. The project received the National Green Building Standard Bronze certification reducing the MIP to 0.25%. 

 Other Notable Events:

 By year-end 2018, Dwight was the GNMA Issuer & Servicer for 230+ loans exceeding $3.25 billion in total volume.

 Dwight Capital's continued success in 2018 has spurred the growth of its geographical footprint with the launch of two new offices in Cleveland and D.C., and the expansion of its New York City headquarters with a move to 787 Eleventh Avenue, New York, NY. 

Dwight Capital Hires Aaron Krawitz as General Counsel & co-Chief Operating Officer

Dwight Capital is pleased to announce its newest hire, Aaron Krawitz, as General Counsel and co-Chief Operating Officer.

Prior to joining Dwight Capital, Aaron was in private practice with Gibson, Dunn & Crutcher LLP and Skadden, Arps, Slate, Meagher & Flom LLP, specializing in real estate finance, development, acquisitions, dispositions, joint ventures, workouts and litigation.

Mr. Krawitz has significant real estate healthcare experience; most recently representing Welltower on its acquisition of QCP. Other notable transactions involving legal representation by Mr. Krawitz include the representation of Tishman Speyer in connection with the Spiral and the representation of the Related Companies in connection with 15 and 35 Hudson Yards.

Mr. Krawitz will be responsible for overseeing new lending platforms, coordinating legal processes across project teams, and enhancing the Company's financing pipeline. He will work alongside co-COO, Kimberly Gift.

Mr. Krawitz received his Juris Doctor, with honors, from the University of Michigan, where he served as Articles Editor of the Michigan Law Review. He received a Bachelor of Arts, magna cum laude, from the University of Pennsylvania. His pro bono efforts have included the representation of domestic violence shelters in leasing matters, and partnering with Legal Aid in homeless prevention initiatives. Mr. Krawitz is admitted to practice in the State of New York. 

Dwight Capital Closes Two Loans in Indiana & Texas Totaling $57 Million

Dwight Capital is pleased to announce the closing of two cash-out refinances in IN & TX.

Josh Hoffman, Managing Director and Kevin Lifshitz, SVP of Dwight closed a $38,828,000 HUD 223(f) loan on Cobblestone Crossings Apartments, a 448-unit, market rate, Class A asset located in Terre Haute, Indiana. The property was built in multiple phases between 2006 & 2014 and was awarded an ENERGY STAR Certification by the EPA, thus qualifying for HUD’s Green program and a reduced interest rate.

Separately, Dwight’s co-CEO, Josh Sasouness, originated a $18,022,700 HUD 223(f) refinance on Cadillac Lofts, a Class-A 152-unit mixed use property in a premier urban CBD location in San Antonio, Texas. The property was built in 1922 and was upgraded and expanded over the years including a substantial rehab completed in 1998. All units were renovated in 2015 & 2016 and a rooftop pool, terrace and fitness area were added. The 2.57-acre site in Downtown San Antonio is within walking distance of the Riverwalk and is designated on the National Register of Historic Properties as the Goad Motor Company Building and is also a certified historic structure.

Dwight Capital Announces the Closing of $13+ Million in Bridge Financing on a Three SNF Portfolio

Dwight Capital is pleased to announce the closing of $13+ million in bridge financing on a three SNF Portfolio (270 beds) located across Tennessee. The facilities – Brookhaven Manor, Countryside Healthcare and Rehabilitation, and Huntsville Manor – are located in Kingsport, Lawrenceburg, and Huntsville, respectively, and offer both long and short term 24-hour nursing care. Dwight financed $12,318,000 in bridge acquisition financing as well as an additional $855,000 in mezzanine financing, representing a combined total of 90%+ of the purchase price.

Dwight Capital also recently financed several other facilities, including:

A $3,300,000 bridge loan on Windsor Health and Rehabilitation Center, a 108-bed skilled nursing facility located in Windsor, CT. The loan equates to 90%+ of the purchase price.

$4,016,000 in bridge financing for Beehive Homes of West Jordan, a 50-bed assisted living facility located fifteen minutes south of Salt Lake City. The loan allowed the borrower to pay off approximately $3.2 million in existing debt.

$1,870,000 in bridge financing on Forest View Center an 87-bed skilled facility in Dayton, OH.  The acquisition price was $1,800,000 and owner had a $500,000 renovation budget, which equates to an 81% loan-to-cost.

Dwight Capital Funds $14+ MM of Bridge & Mezz On A Pair of OH SNF’s

Dwight Capital is pleased to announce the closing of two pairs of bridge and mezzanine loans on Meadows Health Care Center, a 99-bed facility in Cincinnati and Willowood Care Center, a 100-bed facility in Brunswick, OH.  Both facilities provide long-term nursing health care services and rehabilitative services by providing 24-hour nursing care, specialty care, and various therapies. 

 The bridge loans on both facilities equated to approximately 77% LTV and the mezzanine financing increased the LTV to 85%.  The combined loan amounts equated to $6,803,000 for Meadows and $7,399,000 for Willowood.

Dwight Capital Provides $35+ MM Bridge Financing for the Acquisition of Four Healthcare Properties Across Three States


Clarity Pointe Portfolio and Caledonia Rehabilitation & Retirement Center

Dwight Bridge Fund (“DBF”), managed by Dwight Capital’s affiliated investment advisor, financed a three-property memory care portfolio and an ALF/SNF in Minnesota. 

DBF, along with a bank partner, provided $30,545,000 in floating-rate bridge financing on the acquisition of the Clarity Pointe Portfolio, a 174-bed Memory Care portfolio encompassing three properties in Arkansas and Tennessee. Avenir Senior Living, the purchaser, plans to focus on rebranding the facilities with an emphasis on increasing occupancy in Little Rock, while continuing to provide the highest level of care possible to the residents of these newly acquired properties as well as the rest of their national portfolio.

Peter Muhlbach, CEO of Avenir Senior Living, said that, “The acquisition of three facilities in two different states could have been complicated and lengthy, but we found that the adaptability and communication skills of the Dwight team made the financing process seamless. We look forward to moving into a HUD loan with this portfolio and to future transactions with Dwight.”

DBF also financed the acquisition of Caledonia Rehabilitation & Retirement Center, a 66-bed Skilled Nursing and Assisted Living Facility in Caledonia, MN, with a $4,500,000 bridge loan. The facility offers hospice care, memory care, post-surgical care, and rehabilitation therapy in addition to the standard 24-hour skilled nursing care for its residents. The owner is acquiring the facility with the intent of working with the assistance of Dwight Capital to achieve a HUD 35-year permanent financing by the end of 2018.

The buyer, Mark Myers, commented that, “Dwight handled the Caledonia transaction with integrity, creativity, and detailed oversight. There was a great deal of effort involved in achieving the loan and Dwight handled the complexity brilliantly. We would not have closed on the purchase without them. Dwight’s ability to provide high LTC, non-recourse bridge financing was essential in the transaction. And, the fact that Dwight contemporaneously packaged the third party reports and documents to make them HUD-compliant, will make the HUD take out a smooth process.”

DBF has focused on expanding its direct bridge lending on Multifamily and Healthcare properties. As the lending landscape evolves through this cycle, there will be continued demand for short-term financing on both stabilized and transitional properties. Dwight remains dedicated to offering borrowers dynamic products through an efficient platform.

Dwight Capital Funds Cash-Out Refinance for Property in Williamsburg, Brooklyn - $26 MM

The Williamsburg.jpg

Dwight Capital is pleased to announce that it has secured a $26 million HUD 223(f) loan for The Williamsburg, an 88-unit market rate apartment building located in Williamsburg, Brooklyn NY.  The non-recourse fixed rate loan had a 35-year term with a flexible step-down prepayment schedule.

Chief Operating Officer, Tyler Griffin, commented on the refinancing, “The value of the asset had increased substantially since construction so it was an opportune time to refinance the property and extract equity. The project qualified for a lower Mortgage Insurance Premium (“MIP”) due to its Silver LEED Certification.  Additionally, the owners were able to decrease their replacement reserves from over $900/unit to $250/unit.”

The green features of the building include construction using recycled and regional materials, renewable wood, low-emitting materials, and energy efficient appliances. Its prime location in South Williamsburg offers residents quick access to New York’s bustling art, music, culinary and craft scene. It features amenities such as a laundry room, fitness center, and bike and private storage. The property is in mint condition and required no repairs in the loan underwriting.

Dwight Capital Expands Role in Green Space by Funding Energy Efficient Multifamily Housing Projects

Company Continues Development in Sustainable Real Estate

Release Date: January 22nd, 2018 - Dwight Capital, a national commercial lender, funded twenty-two FHA/HUD loans in 2017 through HUD’s “Green MIP” initiative. The loans, totaling $337,848,100, represented 33% of total transaction volume for Dwight in 2017 (total HUD transaction volume for 2017 was north of $1 Billion).

Dwight prides itself on its deep market knowledge, breadth of client base, and expanding presence in the ‘green’ real estate market. Over the past year, Dwight continued its efforts towards long-term sustainability by funding multiple green, energy-efficient multifamily assets across the country.

Co- CEO, Josh Sasouness, had this to say: “HUD’s Green MIP program is a major win for owners, developers, tenants, and perhaps most importantly the environment. It is an excellent example of how public policy can positively influence the private sector.”

To qualify as an energy efficient multifamily housing project and obtain a reduced Mortgage Insurance Premium (MIP), the property must meet industry standards for green building and achieve an ENERGY STAR (or other similar) certification.

Justin Swartz of Oxford Enterprises stated “For a recent HUD 223(f) refinance, our asset qualified for HUD’s recent Green MIP program thanks to the persistence and creativity of the Dwight Capital team. Even though we initially had trouble certifying our project, the folks at Dwight were able to successfully navigate us through the intricate process. We were extremely impressed with the Dwight Team, their knowledge of HUD and their ability to make an extremely complex process simple and efficient.”

Below are several properties that Dwight financed through the Program in 2017:

  • The Boulevard, Corinth, TX – $24,234,000
  • Tivoli Apartments, Las Vegas, NV – $48,000,000
  • Brentwood Estates, Springfield, OR – $34,510,000
  • Waters View Apartments, Cohoes, NY – $29,975,000
  • 3343 Memorial Apartments, Murfreesboro, TN – $23,780,200
  • Brant Creek Apartments, St. Marys, GA – $20,208,000
  • Vantage Pointe Homes at Marrowbone Heights, Ashland City, TN – $17,006,700

Dwight Capital Closes $250 Million in First Quarter 2018

NEW YORK - Dwight Capital LLC, a leader in commercial real estate finance for multifamily and healthcare properties across the United States, financed in excess of $250 million in bridge, mezzanine, and FHA/HUD financing in the first quarter of 2018.

Q1 highlights included the funding and closing of a $28,000,000 223(f) HUD loan for the 300 unit Middletown Apartments in Middletown, DE. This property is certified for Energy Star status which enabled the owner to realize a 35-basis point reduction in interest rate. This 80% LTV loan yielded considerable cash-out proceeds to the sponsor. Lou Ramunno, owner of Middletown Apartments, elaborated on the process:

“The entire Dwight team did a fantastic job navigating the process from start to finish. They delivered and exceeded expectations, and for a first time HUD borrower, I was very pleased. Thank you to Dwight and HUD for supporting new market-rate housing in Delaware.”

Overlook at Allensville Square II in Seviersville, TN is another Dwight Capital highlight this quarter. Managing Director, Brandon Baksh, commented on the $15,942,900 construction loan:

“After refinancing the first phase of the Overlook at Allensville project almost a year ago, I am pleased that we were able to implement HUD’s ‘straight to firm 221(d)(4) application’ for the second phase of this project. There has been a waiting list for some time now for the first phase, and with these new units we will be one step closer to meeting that demand.”

Transactions closed in Q1:

•                     Overlook at Allensville Square II - Seviersville, TN - $15,942,900

•                     Affinity Foxwood Place - Lockport, NY- $9,128,000

•                     Parkway Apartments - Elko, NV - $5,364,800

•                     Amalfi Apartments – Las Vegas, NV - $33,256,000

•                     Windy Hill Key Apartments - Roanoke, VA - $4,390,800

•                     Arbor Gardens Townhomes - Evans, CO - $7,268,200

•                     The Oaks Of St. Clair - Moody, AL - $17,400,000

•                     Sumner Highlands - Bethesda, MD - $25,920,000

•                     The Williamsburg - Brooklyn, NY - $26,089,200

•                     Middletown Apartments - Middletown, DE - $28,000,000

•                     Crossroads - Worthington, MN - $3,220,000

•                     South Shore - Worthington, MN - $1,994,772

•                     Bayshore - Duluth, MN - $9,600,000

•                     Haynes Garden Apartments - Nashville TN - $31,422,300

•                     Duval Station - Jacksonville, FL - $14,018,100

•                     Springtree Apartments - Portland, OR - $5,057,200

•                     Melbourne Park - Greenville, NC - $12,257,700

Dwight Capital Provides Bridge Financing for MN SNF Portfolio

Dwight Capital LLC recently refinanced three skilled nursing facilities for Superior Healthcare Management LLC totaling $14,300,000.  All three facilities are located in Minnesota and maintain stable operations that have steadily improved since current ownership took control. The owner purchased the facilities in 2016 with short term debt and the vision of modernizing operations, but needed additional short term debt to complete his operational updates prior to placing permanent FHA-insured debt on the portfolio.  Bayshore Nursing and Rehab (Duluth, MN), the largest of three facilities, was financed directly through one of Dwight Capital’s bank partnerships. The two smaller facilities, Southshore and Crossroads (Worthington, MN), had tighter timelines due to impending maturities on their existing cross-collateralized debt.  In order to meet the owner’s timeline, Dwight Capital funded the two loans on its balance sheet and assigned the loans to the same partner bank at a later date.

Dwight Capital Funds $31 mill 221(d)(4) Sub-Rehab Loan In Just Six Months

Dwight Capital is pleased to announce that it has secured a $31 million 221(d)(4) loan for the substantial rehabilitation of Haynes Garden Apartments, a 208-unit Project Based Section-8 apartment community in Nashville, TN.  The loan had term of 40 years and was funded in conjunction with the utilization of 4% Low Income Housing Tax Credits (LIHTC) as well as a HAP contract renewal.

The transaction was on a tight timeline due to its acquisition and tax credit status.  The sponsor discussed financing options with various lenders but settled on Dwight with only six months remaining to close and retain the tax credits he was awarded from the local housing authority.  Dwight's strong relationship with the Atlanta HUD office coupled with its innate ability to expedite HUD loan processing times enabled for the successful and timely execution.

The sponsor, David Izkowitz, said: "Dwight executed flawlessly on a complex application in record time closing the complex transaction within just six months of being engaged. They met all the necessary deadlines, and broke new ground on a structured LIHTC transaction. All departments of Dwight were a pleasure to deal with - origination, underwriting, and closing all worked together to bring us to a successful closing that occurred just within our deadline." 

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.