Dwight Capital Originates $66M in Refi Loans
- Oct 09, 2019
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.