Dwight Capital Funds $41.5M in HUD Loans
- Jan 06, 2015
Long View, Texas & Denver—Dwight Capital has funded $41.5 million in HUD loans for three multifamily properties: Highland Park Apartments (Denver), Reserve at Towne Crossing (Longview, Texas) and Christian Village (San Angelo, Texas). All deals closed on Dec. 30, and were refinanced via HUD’s 223(a)(7) program.
Highland Park is a LEED Gold certified asset in Denver’s LoHi neighborhood. The $19.9 million was originated by Kevin Lifshitz, originator and Adam Sasouness, managing principal at Dwight Capital.
The Reserve at Towne Crossing is a 216-unit asset. Josh Hoffman, senior originator and director of business development, originated the $17 million transaction.
Christian Village apartments is a 150-unit, Section 8 housing community. It was refinanced with a $4.6 million loan originated by Ari Mandelbaum, executive VP and Josh Sasouness, managing principal at Dwight.
Canadian Investment Group nabs REO condo in Illinois
Elgin, Ill.—Part of a 93-unit condo development known as Fountain Square has traded for $5.6 million in Elgin, Ill. Fifty-eight of the asset’s 93 units were included in the sale, in which a Canadian investment group picked up the asset from a local bank. The price represented an in-place cap rate of 4.82 percent.
Mike Levin and Kevin Rocio at @properties Commercial represented the seller, while Thomas Walsh, of @properties, represented the buyer.
Fountain Square was built as a multi-phased development, though only the first phase was ever built. The second phase is vacant land that has since been sold to the Town of Elgin. The parcel sold also included 72 of the 108 parking spaces.
With the acquisition, the buyer will control three of a five-member condo association.
Meridian Capital arranges five-year, $10.5M acquisition loan for Queens, N.Y., property
New York– Meridian Capital Group LLC arranged a $10.5 million mortgage for the purchase of a multifamily property located in Elmhurst, N.Y., on behalf of the Werber Family.
The five-year loan, provided by a national balance sheet lender, features a competitive fixed-rate of 2.875 percent and was negotiated by Meridian Capital Group Vice President Josh Rhine, who is based in the company’s New York City headquarters.
The multifamily property totals 103 rental units and is located at 42-72 80th Street in the Elmhurst neighborhood of Queens, NY.
“Meridian leveraged the client’s proven track record and the superior quality of the asset in order to negotiate an extremely competitive interest rate and favorable loan terms,” says Rhine.