NEW YORK--(BUSINESS WIRE)--Dwight Capital, a top tier national commercial lender, funded eight FHA/HUD loans totaling in excess of $62 Million in the months of February and March 2016. The loans included HUD 223(f) refinances, 223(a)(7) interest rate modifications, an IRR loan modification, and a new construction 221(d)(4) loan.
Dwight closed a $16,797,248 note modification on The Reserve at Towne Crossing in Longview, TX. In 2014, The Reserve was one of Dwight Capital’s first closed HUD loans. However, with the 10-year treasury yields at a 3-year low, Dwight was able to further modify the loan’s interest rate and save the property an additional $30K in annual debt service. “We were thrilled to have another opportunity to work with Johnny and Andy to help generate more cash flow for the property. The Reserve is an important part of Dwight Capital’s lending portfolio, and we will continue to work closely with the owners to find ways to improve the bottom line,” explained managing director Josh Hoffman.
In March, Dwight Capital closed a construction loan for Zachary Parkside II in Zachary, LA, the second phase of an existing HUD property. Josh Sasouness, Managing Principal of Dwight Capital, originated the loan to finance the construction 40 new units through the HUD 221(d)(4) program. The mortgage amount of $7,113,200 represents 90% of the estimated costs. The asset will be developed and managed by Maestri-Murrell, a large regional real estate development and management company headquartered in Baton Rouge, LA. When speaking of the deal, Ben Stalter from Maestri-Murrell said of Dwight: "From start to finish the team at Dwight Capital took my project personally which really separates them from the other experiences I've had with other companies. I was able to reach them quickly when needed and they always delivered on what they promised."
Brandon Baksh originated a $12,520,000 HUD 223(f) loan for The Lotus Apartments in Salt Lake City, UT that closed in February. Bryan Wrigley, borrower of the property, said of the transaction: "Dwight Capital was instrumental in closing a very important loan for our company. The team efficiently structured the deal and the process was streamlined and smooth despite being a fairly complex financing procedure. What most certainly set Dwight Capital apart was its detailed knowledge and proactive approach to solving problems throughout the process. Dwight Capital is made up of extraordinary group of people that know what they are doing."
Dwight Capital also funded the following properties in February and March:
- $2,726,700: Paseo de Paz Apartments – Kerrville, TX
- $3,395,400: Oaks of Bandera Apartments – Bandera, TX
- $1,828,000: Pulse Lofts – Covington, KY
- $5,372,800: Tower Apartments – Hermiston, OR
- $13,128,800: Eagle Landing Apartments – Bend, OR
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