Dwight Capital funds over $227.2 million in April 2022


NEW YORK–(BUSINESS WIRE)–Dwight Capital closed more than $227.2 million in real estate financings in April. Among Dwight’s deals are HUD loans for Highland Ridge Apartments and Harbor Heights Apartments, and a bridge loan for 235 Valencia Street.

Dwight has funded a $49.8 million HUD 223(f) cash refinance for Highland Ridge Apartments, a 240-unit garden-style apartment community located in Lockport, IL. Completed in 2019, the property consists of 12 apartment buildings and a clubhouse/rental office located on over 15 acres. Its amenities include a dog park, fitness center, resort-style pool, theater, shuffleboard, and yoga room. The loan benefited from a reduction in the Green Mortgage Insurance (“MIP”) premium set at 25 basis points because Highland Ridge Apartments is ENERGY STAR certified. Managing Director Brandon Baksh initiated the transaction for Heartland Real Estate Partners, a loyal Dwight client.

Vice President Daniel Malka and Jacob Gauptman have closed a $32.48 million HUD 223(f) refinance for Harbor Heights Apartments, a 121-unit luxury apartment community located in Mystic, CT. The loan included a green MIP as the property is ENERGY STAR certified. Built in 2020, Harbor Heights Apartments consists of a four-story building with an on-site rental/management office set on 10.5 acres. Its amenities include a clubhouse with kitchen, conference room, dog park, fitness room, swimming pool and outdoor barbecue area, and. The HUD refinancing repaid a bridge loan, which was closed in November 2021 through mortgage REIT affiliate Dwight Mortgage Trust to pay off construction debt and fund pre-development costs for a second phase of ownership.

Dwight also provided a $26 million bridge refinance for 235 Valencia Street, a newly constructed 40-unit apartment complex with ground floor retail space located in San Francisco, California. The loan proceeds were used to repay an existing construction loan. Built in 2021, the property is comprised of five stories including approximately 20,370 square feet of residential area and 5,530 square feet of commercial space.

The development is conveniently located in the Mission District, which provides tenants with accessible public transportation and proximity to key demand drivers, such as the Twitter headquarters. 235 Valencia has been strategically developed to attract tenants by combining exterior beauty with high-end interior luxury while minimizing its carbon footprint. The community has an expansive rooftop terrace with BBQ and utilizes sustainable features including a bioretention program, green roof system and green cleaning program. Ian Hawk and David Scheer initiated the transaction, which was brokered by Walker & Dunlop’s Aaron Appel and Ari Hirt.

About Dwight Capital

Dwight Capital LLC is one of the largest commercial real estate finance companies in the United States. Our suite of services includes commercial loans on a variety of platforms such as FHA/HUD, Bridge and Mezzanine financing as well as preferred stock for stabilized properties and new construction. Dwight Capital is also one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States and services over $10 billion in commercial real estate loans.

For more information about Dwight Capital, please visit: www.dwightcapital.com

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