Dwight Capital Acquires Love Funding
- Aug 28, 2020
National mortgage banking firm Dwight Capital has acquired Love Funding, an arm of Midland States Bank and one of the top Department of Housing and Urban Development (HUD) lenders in the U.S. The newly announced transaction makes New York-based Dwight Capital the nation’s largest dedicated HUD financing firm for multifamily and healthcare properties.
Dwight Capital will absorb the Love Funding platform, while Midland States Bank will retain the existing Love Funding servicing portfolio. Adam Sasouness, who serves as co-CEO of Dwight Capital alongside Josh Sasouness, noted in a prepared statement that the company’s financing volume has grown “exponentially,” necessitating rapid expansion of the team.
Dwight Capital, which has long been one of the top HUD lenders in the U.S., provides a range of commercial lending services including bridge and mezzanine financing as well as preferred equity for stabilized and new-construction properties. The company services more than $5 billion of commercial real estate loans.
In July, the company financed more than $302 million, including HUD 223(f) loans for a garden-style community in Fresno, Calif., and an affordable and sustainable community in Portland, Ore. The firm also recently closed on a $40 million loan for Villas at Sunrise Mountain Apartments, a 304-unit gated apartment community in Las Vegas.
Love Funding, which started mortgage-banking operations in 1984 as a privately held firm, has a current servicing portfolio of roughly $3.4 billion. In addition to HUD-insured loan programs, the company provides a bridge-to-HUD loan platform as an interim financing option.