NEW YORK – (BUSINESS WIRE) – April 12, 2021–
Dwight Capital more than $ 396 million in funding (including interest rate cuts) was made available in March. Dwight’s closings include HUD loans to City Market on O Street, Springs on Laurens Road, and Blackhawk Trails Apartments.
Dwight closed a $ 128 million HUD funding for City Market on O Street, a 400-unit mixed-use project in Washington, DC.The property, built in 2013-2014, consists of two nine-story residential buildings, five retail spaces, a grocery store on the ground floor, and a three-story parking garage. The amenities of the project include a swimming pool, dog park, rooftop terrace with 360-degree panoramic views and a concierge service. O Street Market, one of DC’s greatest historical landmarks, has been preserved and integrated into the new building.
The previous loan on the property was also taken out and serviced by Dwight Capital. This refinancing is the largest loan to date under HUD’s Multi-Family Program 223 (a) (7). Managing Director, Josh Sasounessand managing director, Brandon Baksh, the transaction arose.
Sasouness and Managing Director, Kevin Lifshitz, a $ 32.48 MM HUD 223 (f) payout refinancing was created for Springs on Laurens Road, a 272-unit shared apartment in Greenville, SC. The property, built in 2018, consists of 13 two-story residential buildings, a one-story clubhouse / leasing office, an attached car care center and six detached garage structures on 18.4 acres. Luxury condominium amenities include a resort-style swimming pool, outdoor BBQ area, fitness center, pet playground and spa, and services for 5-star residents. The loan includes a reduction in Green Mortgage Insurance Premium (“MIP”) to 25 basis points, as the property qualifies as environmentally friendly / energy-efficient living.
Dwight also closed a $ 27 MM HUD 223 (f) payout refinancing for Blackhawk Trails Apartments, a 196-unit shared apartment in Madison, WI. The property, built in 2004, consists of six three-story buildings and a one-story community building on over 9 acres. The loan benefits from a Green MIP Reduction of 25 basis points as the property is ENERGY STAR certified. Managing Director, Adam Sasouness, this transaction arose.
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 loans on a variety of platforms such as FHA / HUD, bridge and mezzanine financing as well as preferred equity for stabilized real estate and new build real estate. Dwight Capital is also one of the largest FHA / HUD lenders for multi-family and healthcare real estate in the United States, servicing $ 7 billion in commercial real estate loans.
For more information on Dwight Capital, visit: www.dwightcapital.com
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CONTACT: Dwight Capital
Lindsay Morrison [email protected]
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
KEYWORD IN INDUSTRY: PROFESSIONAL SERVICES RESIDENTIAL AND REAL ESTATE COMMERCIAL AND REAL ESTATE FINANCIAL CONSTRUCTION AND REAL ESTATE BANKS
SOURCE: Dwight Capital
Copyright Business Wire 2021.
PUB: 04/12/2021 09:00 AM / DISC: 04/12/2021 09:01 AM
Copyright Business Wire 2021.