Q1 highlights included a $47.2M 232/223(a)(7) loan for Cabrini of Westchester (Dobbs Ferry, NY), which saved the facility $600,000+ in annual debt service payments. Dwight Capital utilized its Early Rate Lock ("ERL") program which allowed the owner to lock in a rate six months prior to closing which eliminated interest rate risk. David Arditti, VP & CFO of Cabrini, elaborated on the process:
"Dwight Capital was able to provide an early rate lock; others were not. The team at Dwight was quick to ease concerns and deliver as promised. I recommend Dwight Capital to those looking for a creative lender who can think out-of-the-box and deliver big results."
Another highlight was a $11,969,500 223(a)(7) loan for Turtle Creek Apartments (Branson, MO). Josh Hoffman, Managing Director at Dwight, originated this loan and worked closely with the owner to achieve the property’s Energy Star Certification. Michael Pinkley, Owner of Turtle Creek, noted the following regarding his experience:
"Our recent closing with Dwight Capital furthered our sustainability and energy efficiency goals. Dwight Capital’s use of the 223(a)(7) approach provided Turtle Creek the needed format for achieving our property-wide Energy Star Certification! Though the process had its bumps, Josh Hoffman along with the entire Dwight Capital team were quick to embrace the art of making lemonade from lemons! It was an amazing opportunity for our firm and we look forward to more exciting possibilities with Dwight in the future."
When asked about his team’s Q1 performance, Adam Sasouness, CEO of Dwight Capital, stated: "I’m proud of our team’s performance as we are on track to reach our annual goal. The country’s new administration brought a shake-up to the markets, but we were able to adjust and quickly adapt to the new economic environment. Our priority is always to come through for our clients, which is something we have excelled at, even when faced with increasingly difficult obstacles. We look forward to our continued growth and are excited at this year’s prospects."
Other transactions closed in Q1:
• Overlook at Allensville Square – Sevierville, TN - $11,817,900.00
• Wright Senior Apartments - Grand Prairie, TX - $7,774,900.00
• Brooktree Apartments – Salem, OR - $2,440,000.00
• Brighton Park Apartments – Salem, OR - $13,112,900.00
• Westwood Apartments – Stamford, CT - $13,233,600.00
• Carpenter Crest Apartments – Lacey, WA - $6,902,300.00
• Central Park Estates – Novi, MI - $26,675,100.00
• Whitestone Common Apartments – Stroudsburg, PA - $2,482,000.00
• Central Park Apartment Homes – Montgomery, AL - $31,320,000.00
• Aviana at Tuscany – Reno, NV - $36,021,200.00
• Ashburn Meadows – Ashburn, VA - $45,396,600.00
• Chinook Apartments – Juneau, AK - $3,181,200.00
• Summerhill Apartments - Titusville, FL - $18,991,300.00
• The Links at Thorndale – Oxford, NC - $4,497,700.00
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 its clients.
For more information about Dwight Capital, please visit: www.dwightcapital.com