Dwight Capital and Dwight Mortgage Trust Finance $377MM in June 2022

Dwight Capital and its mortgage REIT affiliate, Dwight Mortgage Trust, closed $377MM of loans in the month of June. Featured among those transactions are HUD 223(f) loans for Country Club Lakes Apartments and Winchester Place Apartments, and a bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare.

Dwight closed two separate loans totaling $64.9MM for Midwest Diversified, including a $33.2MM HUD 223(f) refinance for Country Club Lakes Apartments, a 196-unit garden-style apartment complex located in Coconut Creek, FL, and a $31.76MM HUD 223(f) loan for Winchester Place Apartments, a 312-unit apartment community located in Fairview Heights, IL.

Both loans benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points. Country Club Lakes qualified for the reduced interest rate by way of achieving ENERGY STAR certification. Winchester Place qualified because the property is pursuing NGBS (National Green Building Standard) Certification. Managing Director Josh Hoffman originated the refinances for Midwest Diversified, a repeat Dwight client.

James Gordon, President of Midwest Diversified, stated, “Dwight Capital is a great teammate. They navigated both loan processes at a high level, from the start all the way to the goal line. Thank you, Josh and Dwight Capital.”

Dwight Mortgage Trust (“DMT”) closed a $27.25MM bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare, a 239-bed skilled nursing facility located in New Smyrna Beach, Florida. The loan has a 30-month term and its proceeds will be used towards capital expenditures and the acquisition. Dwight Managing Director Josh Sturm originated this closing.

The borrower for the transaction said, "As a SNF owner/operator, one of the most difficult challenges we face while navigating through the rapid changes in the healthcare market, is finding the appropriate lending partner. Dwight has been that perfect lender for us, as they know the healthcare market in real time and understand an operator’s vision while executing a successful transaction. It has been a truly positive experience to work with Dwight’s healthcare team, and we’re looking forward to closing many more transactions together."