NEW YORK--(BUSINESS WIRE)--Dwight Capital closed over $297.8MM in financings during February. Featured among Dwight’s transactions are a HUD new construction loan for Deer Springs Apartments and bridge loans for Summer Brook Health Care, Terrace at Hobe Sound, and Huntwood Terrace Apartments. The bridge loans were closed through the firm’s commercial mortgage REIT, Dwight Mortgage Trust.
Dwight provided a $60.98MM HUD 221(d)(4) new construction loan for Deer Springs Apartments, a 334-unit proposed apartment community located in Northwest Las Vegas, NV. The property will be comprised of two mixed-story, low-rise residential buildings situated on over 9 acres conveniently located near the greater Las Vegas area. The project will feature exceptional building quality with high-end finishes. Its amenities will include a computer/gaming room, dog park, fitness center, resort-style pool area, an outdoor barbeque area, and onsite parking and storage.
The loan includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because upon completion, the property will qualify as green/energy efficient housing. This is the eighth loan that Dwight has closed for Ovation Development Corp. In December 2020, Dwight financed a construction loan for Ovation Development’s Tesora II Apartments, which is currently fully leased. Managing Principal Adam Sasouness originated this transaction.
Dwight also financed a $40.2MM bridge acquisition loan for two skilled nursing facilities (“SNFs”) located in Florida: Summer Brook Health Care and Terrace at Hobe Sound. Together, the facilities are comprised of 240 SNF beds and 48 assisted living (“ALF”) beds over 70,460 square feet situated across 11 acres. Managing Director of Healthcare Finance Adam Offman originated this transaction.
Managing Director Brandon Baksh originated a $31.2MM bridge acquisition loan for Huntwood Terrace Apartments, a 5-acre gated community in Hayward, CA comprised of 104 units. As part of a value-add strategy, the borrower, MC Investment Partners (“MCIP”), plans to invest in interior and exterior capital expenditures. Following the acquisition, MCIP intends on rebranding the property to The Huntley.
“Thank you to our repeat client for trusting us to close on these refinance and acquisition loans. Our balance sheet bridge platform gives us the flexibility to provide our clients with creative solutions tailored to their specific needs,” said Baksh. “We are looking forward to seeing them execute on their business plan.”
About Dwight Capital
Dwight Capital LLC is one of the largest commercial real estate finance companies in the United States. Our range of services includes commercial lending across a variety of platforms such as FHA/HUD, Bridge, and Mezzanine Financing as well as Preferred Equity for both stabilized and new-construction properties. Dwight Capital is also one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States and services in excess of $9 billion of commercial real estate loans.
For more information about Dwight Capital, please visit: www.dwightcapital.com
