Dwight Capital Funds over $111 Million in FHA/HUD Loans in September

NEW YORK--()--Dwight Capital concluded HUD’s fiscal year in strong fashion with another busy month, closing seven FHA/HUD loans in September totaling over $111 million.

On September 29th, Dwight closed a $19.7 million HUD 223(a)(7) refinance for Carolina Place Apartments in Jacksonville, NC. Josh Hoffman, Managing Director at Dwight, originated this loan along with Darren Barnes. The 223(a)(7) is a streamlined HUD refinance designed to reduce the loan’s interest rate and generate cash flow savings for the property. According to Josh, “in this instance, we were able to work with the owners and with HUD in order to reduce the mortgage insurance premium (“MIP”) on the loan. This was one of the first properties in the state to achieve ‘Energy Star’ status allowing us to cut the loan’s MIP in half through an innovative HUD initiative geared towards energy sustainability.”

Josh also worked with Brandon Eustace to close an $8.8 million HUD 223(f) refinance in September. The property, Cougar Court Apartments, is a 149-unit community located in Rexburg, Idaho, owned by Cougar Land Management, LLC. One of the owners of the property, Holly B. VanKomen, stated: “From start to finish, the entire Dwight team exceeded our expectations and were incredible to work with. I have worked with the commercial loan industry for over 25 years and have yet to see a process play out in such a smooth way. The Dwight team did an excellent job of elucidating the process upfront and it went exactly as they suggested it would.”

Dwight Capital also closed and funded a $26.6 million HUD 223(a)(7) refinance of Belleau Woods, a 339-unit apartment complex in Bellingham, WA. Josh Sasouness, Managing Principal of Dwight Capital, closed the loan along with Josh Hoffman. Sasouness and Hoffman worked with the owner to put the original HUD financing in place in 2014 and were able to reduce the interest rate further due to the dip in the 10-year treasury over the summer.

Josh Sasouness was also able to take advantage of low interest rates in order to modify the existing $28 million HUD loan on Zachary Parkside, a luxury apartment community in Zachary, LA. This loan closed through HUD’s interest rate reduction program.

Notably, Dwight also funded a $6.4 million HUD loan for Lakeview Terrace, an assisted living facility in Boulder City, NV, originated by Josh Hoffman and Kevin Lifshitz.

Other transactions closed in September:

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.

Contacts

Dwight Capital
Marissa Wing, 347-338-6365
mw@dwightcap.com

Release Summary

Dwight Capital has another successful month, funding over $111 Million in FHA/HUD Loans in September

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Contacts

Dwight Capital
Marissa Wing, 347-338-6365
mw@dwightcap.com