Omega Lands Florida’s Largest HUD Loan
The $130 million note retires existing debt.
Omega Real Estate Management Group has obtained the largest-ever HUD loan in the state of Florida, a $130 million note originated by Dwight Capital. The 223(f) debt will refinance The Gardens Residences, a 358-unit luxury community in downtown North Miami.
The transaction also marks the largest multifamily loan approved by HUD’s Southeast Region Office and the largest HUD loan in the lender’s history.
The 35-year, fixed-rate note retires existing debt and returns equity to the borrower. In January, the property had become subject to a $104 million bridge loan from Dwight Mortgage Trust that was set to mature this August, according to Yardi Matrix information.
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The community at 1155 NE 126th St. is close to a host of dining and retail options, including the Shoppes at Arch Creek shopping center. Downtown Miami and Miami International Airport are within 13 miles.
The nine-story building came online in 2024. The unit mix comprises studio, one-, two- and three-bedroom floorplans ranging between 511 and 1,447 square feet, along with 1,100 square feet of retail space. A total of 38 units are designated as affordable for households earning up to 120 percent of the area median income.
Select apartments have private balconies or patios. Common-area amenities include a fitness center, swimming pool and spa, clubhouse, outdoor yoga space and coffee bar. The property also has multiple social gathering areas, a barbecue deck, a recovery room and guest room suites.
Dwight Capital Managing Director Keith Hoffman and Originator Aaron Kirshtein originated the loan on behalf of the borrower.
Dwight Capital’s recent multifamily originations
Dwight Capital’s loan servicing portfolio exceeds $15 billion across all its affiliates and services, including commercial lending, HUD-insured loans, C-PACE financing and preferred equity.
In February, a Dwight affiliate originated a loan for another Miami community, a 117-unit condominium project currently underway. The lender provided a $60 million note to BAM Development and Ascendra Capital.
The same month, Dwight Capital originated a $52 million refinancing loan for a California community. The interest-only note is due to mature in 2031.
