Dwight Capital Closes 2020 with Over $3.6 Billion in Financings

2020 was Dwight Capital’s strongest year to date, with more than $3.6 billion in real estate financings (including Interest Rate Reductions) spanning 43 states. Dwight increased its servicing volume to over $6 billion under management and was once again one of the most active, direct HUD lenders in the country, continuing its industry leading position as a top-5 HUD lender for the sixth consecutive year.

Dwight’s overall lending volume more than tripled since 2019, and the company closed a record month with over $565.84 MM in financings in December. In addition, Dwight Capital acquired Love Funding, another prominent HUD lending company, towards the end of HUD’s 2020 fiscal year.  The Love Funding acquisition was a strategic move that allowed Dwight to strengthen its operational expertise by adding key leaders in management, underwriting, asset management, and closing. The additional staff and expertise better positions Dwight Capital for future growth and success with its core HUD products. 

Some notable transactions for 2020 included:

• $102.2 MM in HUD 223(a)(7) loans for a multifamily portfolio comprising 1,169 units in Maryland.

• $74.99 MM HUD 223(f) loan for Copper Creek Apartments, a 608-unit garden-style apartment complex located in Las Vegas, NV. As of February 2020, this was the largest HUD loan closed in the state of Nevada.

• $74.4 MM 223(f) loan for Baxter Crossings Apartments, a 694-unit, garden-style apartment complex located in Chesterfield, MO. The loan closed in January as the largest HUD 223(f) refinance in the state of Missouri to date.

• $55.1 MM HUD 221(d)(4) new construction loan for Aviva - Goodyear, a proposed 288-unit apartment community in Goodyear, AZ.

• $51.39 MM HUD 223(a)(7) loan for 5151 Downtown Littleton, a 350-unit luxury apartment community located in Littleton, CO.

• $49 MM HUD 223(f) loan for Remington Apartments, a 472-unit garden-style apartment complex located in St. Charles, MO.

• $48.96 MM HUD 223(f) loan for Tamaron Ranch, a 266-unit garden-style apartment complex located in Lynnwood, WA.

• $44.5 MM substantial rehabilitation loan for The Residences at First National, a proposed 193-unit multifamily property located within the iconic First National Bank Tower in the heart of downtown Oklahoma City.

• $42.34 MM HUD 223(f) loan for Belleau Woods, a 339-unit garden-style apartment complex in Bellingham, WA.

• $40 MM HUD 223(f) loan for Villas at Sunrise Mountains, a 304-unit gated apartment community in Las Vegas, NV.

• $39.99 MM HUD 223(a)(7) loan for Enclave at Box Hill, a 240-unit market-rate luxury apartment complex located in Abingdon, MD.

• $37.14 MM HUD 223(f) loan for Village at Baker Creek, a 256-unit garden-style apartment community located in Bellingham, WA.

• $36.17 MM HUD 223(a)(7) loan for Willina Ranch Apartments, a 175-unit luxury apartment community located in Bothell, WA.

• $35.42 MM HUD 223(a)(7) loan for Farmers Market Harvest Lofts, a 240-unit apartment complex located next door to the newly revived Dallas Farmers Market in Dallas, TX.

• $34.96 MM HUD 221(d)(4) new construction loan for Renaissance Apartments, a 198-unit proposed mixed-use apartment complex located in Wilmington, NC.

“We are all very proud of what we accomplished in 2020. Yes, it was an absolute record year for loan volume, but that’s only a small part of the story,” said Josh Sasouness, Co-CEO of Dwight Capital. “We acquired a longtime industry leader in Love Funding about four months ago, grew our team by 35%, and no one missed a beat with all of the responsibility that comes with tripling the loan volume from the prior year. Continuous evolution is our main theme at Dwight, and I do not think we could have demonstrated that better in 2020.”