NEW YORK--(BUSINESS WIRE)--Dwight Capital, a top national provider of healthcare and multifamily loans, successfully closed a $47.2 million 232/223(a)(7) loan for Cabrini of Westchester (Dobbs Ferry, NY). The loan saved the facility $600,000 a year in debt service payments.
The project’s tax exempt bonds were set to expire in March of 2017, however, interest rates were favorable in late 2016 and expected to rise through 2017. Dwight Capital utilized its Early Rate Lock (“ERL”) program to eliminate interest rate risk for the owners by rate locking the transaction upon engagement.
“The ERL was executed prior to the Presidential election in November, which completely eliminated any interest rate risk and saved the borrower at least one- half of a point on their interest rate.” Said Adam Sasouness, CEO of Dwight Capital.
David Arditti, Vice President & CFO of Cabrini, expanded on the process:
“Dwight Capital was able to provide an early rate lock when other lenders were unable to do so. When I was worried about some aspect of the transaction and the steps involved, the Dwight team was always quick to ease those worries and deliver as promised. I would recommend Dwight Capital to anyone looking for a creative lender who can think out-of-the-box and bring big results.”
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 its clients.