Dwight closed a $25 MM bridge loan on Springs at Cottonwood Creek, a 260-unit Class-A, garden-style apartment community located in Waco, TX, and a $41 MM bridge loan on Springs at West Chester, a 308-unit Class-A, garden-style apartment community located in West Chester, OH, a northern suburb of Cincinnati. Both buildings were constructed in 2017.
Dwight also closed a $4 MM+ HUD 223(f) loan on Gardens at Clearwater, an 80-unit senior housing apartment complex located in Kerrville, TX and a $5.06 MM HUD 223(f) loan on Friendship Place Apartments, a 76-unit, garden-style residential apartment complex located in Fredericksburg, TX. Both properties contained Land Use Restrictive Agreements (LURAs) and qualified as Broadly Affordable Housing under the HUD/MAP Guide definition, therefore qualifying for a reduced MIP of 0.25%.
In addition to Dwight’s multifamily loans, several healthcare loans also closed in May:
- $10 MM+ bridge loan on St. Sophia Health and Rehabilitation, a 191-bed skilled nursing facility (SNF), licensed for 240 beds, in Florissant, MO
- $5.75 MM bridge loan on Sunset Health Care Center, a 120-bed SNF in Union, MO
- $12.8 MM bridge loan on Woodhaven Center of Care, a 181-bed assisted living facility (ALF) in Port Jefferson Station, NY
Dwight Capital is a leader in commercial real estate finance and is one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States. Dwight has led the industry as a top-5 Multifamily & Healthcare HUD lender by both transactions and dollar amount over the past four years. Our range of services include commercial lending across a variety of platforms such as Bridge, CLO, USDA, Mezzanine, and Preferred-Equity for both stabilized and new-construction properties.
For more information about Dwight Capital, please visit: www.dwightcapital.com