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Dwight Capital & Dwight Mortgage Trust Finance Over $207.5MM in July 2022

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the 95 apartments

Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed over $207.5MM in real estate financings during the month of July. Featured among the transactions are HUD 223(f) loans for Division Street Station and The 95 Apartments, and a bridge loan for Tanglewood senior living portfolio.

Dwight provided a $19MM bridge refinancing (April 2022) and a subsequent $29.2MM HUD 223(f) loan (July 2022) for Division Street Station, a 126-unit apartment community located in Portland, Oregon. The bridge loan closed in April 2022 to refinance existing bank debt and was paid off with the HUD loan in July 2022. The HUD refinance benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because the property is ENERGY STAR certified.

Division Street Station consists of an apartment building and a commercial space occupied by Green Zebra Grocery. Its amenities feature a community lounge, roof deck, bicycle storage, and energy efficient stainless-steel appliances. Dwight’s Managing Principal, Josh Sasouness, originated both transactions for the borrower, Urban Development Group.

Dwight also financed a $26.6MM HUD 223(f) loan for The 95 Apartments, a 224-unit garden-style apartment complex located in Las Vegas, Nevada. The property is comprised of 13 two-story buildings and a clubhouse/leasing office with on-site management situated on approximately 8 acres. The 95 Apartments feature completed and planned unit renovations with high-end finishes and stainless-steel energy star rated appliances. Its amenities include a dog park, swimming pool, barbecue/picnic areas, and storage areas.

The loan benefitted from a Green MIP Reduction by way of The 95 Apartments achieving ENERGY STAR certification. Josh Sasouness and Managing Director, Keith Hoffman, originated this refinance, the second loan for this property and the fourth HUD transaction for Signature Management, a repeat Dwight client.

Additionally, Dwight closed a $27MM bridge acquisition loan for a portfolio of four assisted living and memory care facilities located in Jamestown and Frewsburg, New York: Tanglewood Manor, Memory Gardens, The Magnolia, and Comfort Today. Together, the facilities are comprised of 293 beds and feature community amenities, including fitness centers, courtyards with gardens, lounges, and walking paths.

Dwight’s Josh Levin originated this transaction for the borrower, Gary Rohinsky, the CEO of Culture Care Senior Living. Rohinsky said, “At Culture Care we believe in using our Culture as our foundation to fulfill our vision of enriching the lives of our seniors, their families, and the communities that we serve through compassion, innovation, and customer service. We are grateful to take over an operation with a fantastic team that shares the same vision, and we are appreciative to the team at Dwight Capital for helping us make it happen. We look forward to working with Dwight on future transactions.”