Dwight’s Managing Principal, Josh Sasouness, and Executive VP, Keith Hoffman, originated a $15.97 MM HUD 223(f) cash-out refinance for Point Beach Apartments, a 108-unit, garden-style apartment complex located in Point Pleasant Beach, NJ. The property consists of eight two-story buildings situated on 7.03-acres of land two blocks from the Point Pleasant Beach boardwalk, a famed summer destination for residents in the Tri-State Area. Point Beach Apartments underwent a significant renovation in 2006-2008 in which its exteriors and interiors were updated to expand unit sizes and replace the electrical system to digitally controlled heating and cooling. The sponsor was able to cash-out through the refinance.
Dwight also closed a $11.64 MM HUD 223(f) loan on Rolling Creek Apartments in Vancouver, WA. The project is a 111-unit, garden-style residential apartment complex. The property consists of 4.84-acres and has a gross building area of 100,433 square feet. Managing Director, Josh Hoffman, and Vice President, Daniel Malka, originated this loan.
Dwight also closed a $24.8 MM HUD 223(f) loan on a project in Nevada that received a reduced MIP of 0.25% due to its qualification as Green Energy Efficient Housing, and a $20.72 MM HUD 223(f) loan on an affordable housing property in Washington, DC.
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