Busy July for Dwight Capital
- Aug 16, 2016
Washington—Dwight Capital has had a busy summer, closing 9 FHA/HUD loans exceeding over $262 million in July.
“Our focus as a company is really on HUD insured loans on multifamily and healthcare properties” Adam Sasouness, Dwight Capital’s managing principal, told MHN. “That’s our specialty and niche.”
In July, the company funded a $32.8 million HUD 223(f) loan for The Venicia, a luxury apartment community located at 3644 S. Ft. Apache Road in Las Vegas, Nev., and owned by Ovation Development.
“This was a repeat client of ours. They own properties throughout Nevada,” Sasouness said. “This property is a beautiful Class A property and had an existing HUD loan that we were able to pull out significant equity on in addition to decreasing the interest rate via HUD’s 223(f) program.”
Another loan closed by Dwight Capital was the $28.7 million HUD 223(a)(7) for Lofts at Reynolds Village in Woodfin, N.C., which was a modification to reduce the interest rate generating significant cash flow savings for the owner. The national commercial lender was also able to take advantage of HUD’s new Energy Star initiative, which cut the Mortgage Insurance Premium (MIP) in half.
Two other loans of note were the $28.1 million funding for Villa Lucia, a luxury community in Fresno, Calif., where Dwight was able to guide an experienced real estate owner albeit new to HUD through the 223(f) process with ease; and the $23.6 million funding for Henson Creek, an affordable housing community in Fort Washington, Md.
The highlight of the month was the $128 million in funding for City Market @ O in Washington D.C., which was designed to be a focal point for the city under HUD’s 220 Urban Renewal Program. The loan was the largest 223(a)(7) in HUD’s history.
Other deals completed in July were the $1.5 million funding for Burlington Square, a 51-unit low-income housing in Missoula, Mont.; $2.5 mill in funding for Eagle Ridge II, a 60-unit low-income housing community in Rapid City, S.D.; $1.32 million in funding for Hurricane, an apartment community in Hurricane, W.V; and $15.8 in funding for InterPointe Apartments, a luxury community in Billings, Mont.
Image courtesy of Dwight Capital