NEW YORK--(BUSINESS WIRE)--Dwight Capital, a national commercial lender, closed an astounding 15 FHA/HUD loans exceeding over $317 million in June and July. These loans were closed throughout the nation, including: Oregon, California, Nevada, North Carolina, and Maryland.
Josh Sasouness, Managing Partner of Dwight Capital and Brandon Baksh, Managing Director, originated a $128 Million 223(a)(7) loan for City Market at O in Washington, D.C. It was the largest 223(a)(7) in HUD's history.
Brandon Baksh originated a $28.7 million HUD 223(a)(7) for Lofts at Reynolds Village in Woodfin, NC and a $15.8 million 223(a)(7) for InterPointe in Billings, MT. Both properties took advantage of HUD's new Energy Star initiative, achieving a reduced MIP.
Kirk Boone from Reynolds Mountain explained the process:
"Dwight Capital recently closed an A7 refinance for our $29 million 220 Urban Renewal. We found them to not only have the best rates, but also an excellent team approach that met very aggressive deadlines. They used their well-developed relationships with HUD to ensure a quick and seamless process. They further showed their value by putting us in touch with their network of owners and developers to help identify potential buyers and sellers of FHA properties. We are very happy with Dwight Capital and plan on a long term future business relationship."
Adam Sasouness, Managing Partner of Dwight Capital, and Brandon Baksh teamed up to originate a $32.8 million HUD223(f) loan for Venicia in July. The borrower was able to take advantage of a strong Las Vegas market and cash out significant equity on an asset already in HUD's portfolio. Reinier Santana, President & Chief Operating Officer of Ovation Development noted:
"Dwight Capital was able to navigate the typically complex 223(f) process with ease and demonstrated their depth of knowledge by closing this loan quickly and smoothly. Adam and his team are great to work with, and we are looking forward to working with them again in the near future. They are one of the best HUD lenders in the country, if not, already the best!"
Dwight Capital funded the following in June and July:
June:
- $6,339,300 - Ridge Road: North Little Rock, AR
- $6,200,000 - Windsor Manor: Portland, OR
- $2,446,600 - Anchor Down: San Diego, CA
- $9,829,000 - Bedford Green: Bedford, NH
- $5,194,100 - Zachary Park: Portland, OR
- $25,416,500 - Mayfair Mansions: Silver Spring, MD
July:
- $128,000,000 - City Market @ O: Washington, D.C.
- $28,691,700 - Lofts at Reynolds Village: Woodfin, NC
- $1,468,000 - Burlington Square: Missoula, MT
- $2,535,200 - Eagle Ridge II: Rapid City, SD
- $23,600,000 - Henson Creek: Fort Washington, MD
- $15,802,300 - InterPointe: Billings, MT
- $1,320,000 - Hurricane: Hurricane, WV
- $32,800,000 - Venicia: Las Vegas, NV
- $28,066,900 - Villa Lucia: Fresno, CA
Dwight Capital, headquartered in New York, is an FHA/HUD approved lender 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.
