Dwight Capital Originates $66M in Refi Loans

The multifamily lender scored HUD financing for two communities in New York and Nevada totaling 468 units.

Autumn Creek Apartments. Image courtesy of Dwight Capital

Multifamily lender Dwight Capital has recently closed on more than $66 million in total financing for two communities in upstate New York and Nevada. Both deals consist of U.S. Department of Housing and Urban Development (HUD) Section 223(f) loans.

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Dwight Capital’s Executive Vice President Keith Hoffman originated a $29.8 million loan for Autumn Creek Apartments, a 228-unit market-rate apartment community in East Amherst, N.Y., a suburb of Buffalo. Located at 5 Autumn Creek Lane, the property was built in 2001.

Yardi Matrix records indicate that the owner is Ashley Cos., which bought the asset in 2007. Autumn Creek qualified as Green/Energy Efficient Housing with an Energy Star score of 98, allowing the property to receive a reduced mortgage insurance premium (MIP) of 0.25 percent.

The other transaction involved The Village at Wildcreek, a 240-unit apartment community in Sparks, Nev., just east of Reno. Built in 2001, the property is located at 4255 Wedekind Road and consists of one-, two- and three-bedroom units.

Josh Hoffman, Dwight Capital’s managing director, originated a $36.5 million HUD 223(f) refinance on the asset, which allowed the borrower to complete unit renovations, according to a statement. Yardi Matrix shows that the owner is Kromer Investments. As with Autumn Creek, the property’s Green credentials earned it a MIP reduction of 0.25 percent.

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