NEW YORK--(BUSINESS WIRE)--Dwight Capital LLC, a leader in commercial real estate finance for multifamily and healthcare properties across the United States, financed in excess of $250 million in bridge, mezzanine, and FHA/HUD financing in the first quarter of 2018.
Q1 highlights included the funding and closing of a $28,000,000 223(f) HUD loan for the 300 unit Middletown Apartments in Middletown, DE. This property is certified for Energy Star status which enabled the owner to realize a 35-basis point reduction in interest rate. This 80% LTV loan yielded considerable cash-out proceeds to the sponsor. Lou Ramunno, owner of Middletown Apartments, elaborated on the process:
“The entire Dwight team did a fantastic job navigating the process from start to finish. They delivered and exceeded expectations, and for a first time HUD borrower, I was very pleased. Thank you to Dwight and HUD for supporting new market-rate housing in Delaware.”
Overlook at Allensville Square II in Seviersville, TN is another Dwight Capital highlight this quarter. Managing Director, Brandon Baksh, commented on the $15,942,900 refinancing:
“After refinancing the first phase of the Overlook at Allensville project almost a year ago, I am pleased that we able to implement HUD’s ‘straight to firm 221(d)(4) application’ for the second phase of this project. There has been a waiting list for some time now for the first phase, and with these new units we will be one step closer to meeting that demand.”
Transactions closed in Q1:
- Overlook at Allensville Square II - Seviersville, TN - $15,942,900
- Affinity Foxwood Place - Lockport, NY- $9,128,000
- Parkway Apartments - Elko, NV - $5,364,800
- Amalfi Apartments - Henderson, NV - $33,256,000
- Windy Hill Key Apartments - Roanoke, VA - $4,390,800
- Arbor Gardens Townhomes - Evans, CO - $7,268,200
- The Oaks Of St. Clair - Moody, AL - $17,400,000
- Sumner Highlands - Bethesda, MD - $25,920,000
- The Williamsburg - Brooklyn, NY - $26,089,200
- Middletown Apartments - Middletown, DE - $28,000,000
- Crossroads - Worthington, MN - $3,220,000
- South Shore - Worthington, MN - $1,994,772
- Bayshore - Duluth, MN - $9,600,000
- Haynes Garden Apartments - Nashville TN - $31,422,300
- Duval Station - Jacksonville, FL - $14,018,100
- Springtree Apartments - Portland, OR - $5,057,200
- Melbourne Park - Greenville, NC - $12,257,700
Dwight Capital, headquartered in New York, is a leader in commercial real estate finance and is one of the largest FHA/HUD lenders in the United States. Our range of services includes commercial lending across a variety of platforms such as CMBS, USDA, Bridge Financing, Mezzanine Loans, and Preferred-Equity for both stabilized and new-construction properties.
For more information about Dwight Capital, please visit: www.dwightcapital.com
