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: