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