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.