NEW YORK--(BUSINESS WIRE)--Dwight Capital, a national provider of commercial loans announced today that is has funded $30 Million in HUD loans for three multifamily properties: Westwood (Stamford, CT), Palmer Square (Stamford, CT), and Creek Ridge & Pleasant Terrace (Knoxville, TN).
Westwood and Palmer Square, two Charter Oaks Communities properties were funded through HUD’s 223(a)(7) program, and originated by Josh Hoffman and Brandon Baksh. Both projects offer affordable housing, and operate under project based Section 8 Housing Assistance Payments (“HAP”). The properties are both part of the $135 Million Vidal Court Revitalization program sponsored by Charter Oaks Communities.
“With the lack of affordable housing construction across the country, we are thrilled to bring two affordable properties, Westwood and Palmer Square into our portfolio,” said Josh Sasouness, Managing Principal at Dwight Capital.
Both properties, feature 1, 2, and 3 bedroom townhouse style apartments with high quality finishes. The $13,233,600 Westwood refinance created a savings of over $210,000 in annual debt service payments. The $12,796,100 Palmer Square Apartments refinance generated an annual debt service savings of $134,613. Charter Oaks realized a combined debt service savings of $344,613.
“Our staff enjoyed working with everyone we met from Dwight Capital. The Dwight team was knowledgeable and professional, but also friendly and easy to deal with. Even our attorney was happy,” said Jonathan Gottlieb, Vice President of Charter Oaks Communities.
Hoffman also originated Creek Ridge and Pleasant Terrace, a $3,800,000, 223(a)(7) refinance in Knoxville, TN. “The team at Dwight Capital was great to work with. Every promise they made was kept, and through the entire process they were there for us. They even took calls on a Sunday afternoon!” said John McCay, owner of Creek Ridge and Pleasant Terrace.
About Dwight Capital:
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.
For more information about Dwight Capital, please visit: www.dwightcapital.com