NEW YORK--(BUSINESS WIRE)--Dwight Capital:
Dwight Capital, a national commercial lender, closed the second largest transaction in its history, Park Pacific Apartments, a $63.1M 223(a)(7) refinance. Park Pacific Apartments is an adaptive re-use of the historic 23‐story Missouri Pacific Railroad Building located in downtown St. Louis. This property was originally built in the 1920’s, and substantially rehabilitated into a mixed-use development in 2011, inclusive of 230 luxury apartments, 48,000 square feet of Class-A office space, 28,000 square feet of ground-floor retail, and a 585-space, structured parking garage.
Gary Amey, Jr., Dwight Capital’s Deputy Chief FHA Underwriter, stated “Our underwriting and closing team worked diligently with the Fort Worth and Kansas City HUD offices to find creative solutions for Park Pacific to qualify for the 223(a)(7) program. This refinance enabled The Lawrence Group to improve the energy-efficiency of the property and significantly reduce its annual debt service payments by almost $300,000! This was a complex transaction to work through and speaks to the sheer determination of our staff to manage a unique loan structure of multi-faceted use property that also incorporated Historic Tax Credits, Tax Increment Financing, and subordinate debt. Overall, this was a collaborative team effort for all parties involved and a great example of Dwight’s excellent working relationship with HUD.”
Another notable transaction closed by Dwight Capital this month was a $4.95M 223(f) refinance of QLS Gardens Apartments, a 202-unit, mixed-income (HOME and market rate) apartment community, located in Atlanta, GA. Irene Richardson, Managing Director of the non-profit organization, Quality Living Services, Inc., stated the following:
“Dwight Capital was instrumental in the timely procurement of a HUD 223(f) refinance loan enabling QLS Gardens to meet its goal of preserving affordable housing in our community. When the prior mortgage loan came due, Dwight Capital’s ability to effectively communicate with our loan servicer resulted in advantageous permanent financing and more favorable loan terms. The entire team at Dwight Capital was committed to putting together a comprehensive and accurate application package that received timely HUD approval. It was a pleasure to work with these dedicated and diligent professionals. At QLS Gardens we say ‘Dwight Capital is the best.’”
Dwight Capital’s Deputy Chief FHA Underwriter, Gary Amey, Jr., also has this to add: “Dwight Capital was delighted to have the opportunity to assist in the preservation of affordable housing within the city of Atlanta. Quality Living Services, Inc. was able fund several major capital expenditures through the loan to further improve the condition of the property. This transaction exemplifies Dwight Capital partnering with HUD to achieve their mission of preserving quality affordable housing.”
Dwight Capital also funded the following loans in August 2017:
- $40,671,300 Residences at the John Marshall Richmond, VA
- $16,390,000 Mountain View Village Apartments Box Elder, SD
- $11,836,300 Walnut Trails Townhome Apartments Eagan, MN
- $11,000,000 Unity Housing Apartments Morgantown, WV
- $11,141,600 The Gardens on Prairie Rose Roscoe, IL
- $6,779,800 The Haven at Windemere Baton Rouge, LA
- $4,994,000 Fox Shore Apartments Aurora, IL
- $3,920,000 Normandale Place Apartments Fort Worth, TX
Dwight Capital, headquartered in New York, is an FHA/HUD 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.