“We finished HUD’s fiscal year very strong; $73 million this month and a total of $190 million in the quarter. Additionally, our success has been a true team effort, which makes it that much more rewarding. All of our senior originators partook in this month’s closings and have also made a major impact during the entire year. I am extremely proud of our team and hope FY 2016 will be just as successful as this past year.” said Adam Sasouness, co-managing principal.
Adam and Kevin Lifshitz originated a $13,072,000 loan on Upper Lofts at Canal Walk, a 110-unit property in Richmond, VA and a $16,203,400 loan on Palms on Lamar, a 476-unit LIHTC apartment complex in Austin, TX.
David White, the owner of Lofts at Canal, said “Dwight’s team was knowledgeable and informative every step of the way, from the proposal stage through underwriting and closing. Navigating through a HUD refinance is not simple but they made it an extremely seamless process.”
Josh Sasouness, also co-managing principal of Dwight Capital, and Keith Hoffman originated The Village at Carver Falls II, an 84-unit apartment building in Fayetteville, NC; the loan amount was $6,571,400. Josh also originated a $10,061,500 loan on College Park Townhomes in Gillette, WY.
“We were able to take advantage of the current interest rate environment and refinance the project for a second time within an 18-month timeframe” said Josh.
Josh Hoffman, Dwight’s Managing Director along with Keith Hoffman arranged a $4,281,200 loan on the Harbor at Southaven, a 15-year old townhome community valued at $5.5MM and located in Lafayette, IN. The existing mortgage on the property matured in October, and Dwight was able to fund the loan a mere 6 months from engagement, a particularly quick turnaround for a HUD 223(f) refinance. The loan closed on September 30th.
Ari Mandelbaum, Vice President of Origination, originated an $8,023,700 loan on Keystone Ridge in Puyallup, WA, which enabled the borrower to lock into a 35-year fixed rate and return over $700,000 of equity back to ownership in the form of a cash-out.
Brandon Baksh, Vice President of Origination, originated Settler’s Ranch Apartments, a $15,607,600 loan in Houston, Texas. The refinance saved the borrower over $170,000 a year in debt service payments.
Matthew G. Dilick, owner of Settler’s Ranch Apartments, stated, "Our company expresses its gratitude and true appreciation to Dwight Capital on their expedient, efficient, productive and professional organization. They are perhaps the best FHA/HUD lender in the USA. The timeline on refinancing from inception to funding was streamlined by several weeks because of their professional team."
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