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.