NEW YORK--(BUSINESS WIRE)--Dwight Capital, a national commercial lender, funded 9 FHA/HUD loans totaling over $110 million in the months of April and May 2016. These loans included 5 HUD 223(f) refinances, 2 HUD 223(a)(7) interest rate modifications, and 2 IRR loan modifications.
Josh Sasouness, Managing Principal at Dwight Capital, and Keith Hoffman originated a $28,305,000 HUD 223(f) loan for Oak Hill Apartments in Rensselaer, NY that closed in April. It only took Josh and Keith approximately six months from executed sales contract to close the 223(f) acquisition loan. Dan Hsu of Mount Auburn explained the process:
"Oak Hill was a unique acquisition where the seller was in the middle of a HUD 223(f) loan application with Dwight when we put the property under contract. Josh, Keith and the Dwight team successfully swapped Mount Auburn with the seller during the loan application without delaying the process. They were also able to procure a 223(f) loan with higher proceeds then we originally anticipated, and advised us to lock in a very competitive rate unseen during that time. Dwight Capital was an instrumental partner of ours in helping us close the acquisition and permanent loan simultaneously in order for us to execute our business plan. We look forward to continuing to do business with Dwight Capital in the near and far future for our real estate capital needs."
Josh Sasouness also originated Ridge Parc II, a $6,000,000 property in Dallas, TX that closed in April. Pat Uhl, the owner of the property, praised Dwight Capital: "The staff consistently stayed on top of documents that were required to be submitted in a timely manner with either emails and/or conference calls. We requested an earlier closing date and our request closed that date. During the process if there were any questions regarding HUD'S checklist, we were clearly informed. Looking forward working with Dwight Capital in the future."
Dwight Capital also funded the following in April and May:
- $6,640,000: Creekside Apartments - Boerne, TX
- $8,912,000: Brighton Park Apartments - Greenville, NC
- $13,075,078: Charter Oaks - Westwood Apartments - Stamford, CT
- $12,646,950: Charter Oaks - Palmer Square - Stamford, CT
- $11,537,500: Crown Forest Apartments - Lufkin, TX
- $10,455,000: Woods of Elm Creek - San Antonio, TX
- $19,033,200: Palms at Cinco Ranch - Richmond, TX
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.