Dwight Capital is pleased to announce a strong yearend closing over $424 MM in the fourth quarter of 2019. Of the total, $307.9 MM were multifamily loans including $246.7 MM devoted to properties that qualify as Green/Energy Efficient Housing, and $33.6 MM to affordable housing communities. The balance of the $116.2 MM in loans were senior living and skilled nursing loans.
Featured among our most recent transactions are HUD 223(f) loans on Aura at Quarterpath and East Beach Marina Apartments and HUD 221(d)(4) construction loans on Autumn Breeze Apartments and The Retreat at Grand Prairie.
Managing Director, Brandon Baksh, and Originator, Karnveer Bal, closed a pair of loans with a longstanding client of Dwight: a $41.76 MM cash out HUD 223(f) loan for the Aura at Quarterpath, a 228-unit four-story apartment community in Williamsburg, VA, which paid off an existing HUD loan, and a $28.7 MM HUD 223(f) loan on East Beach Marina Apartments, which is a market-rate apartment community built in 2015 located in Norfolk, VA. East Beach Marina Apartments is part of a 100+ acre master plan that will ultimately be developed to include 700 residences, restaurants, boutique shops and offices.
The borrower for Aura at Quarterpath and East Beach Marina Apartments, Dwight Dunton, was very pleased with the outcome of the financings. “Dwight was able to navigate the HUD process with ease and pull off the rare acquisition via the HUD 223(f) for East Beach Marina. We are thrilled to close these transactions and lock in very low interest rates for the next 35 years,” said Dunton.
The construction loans Dwight closed included a $25.16 MM loan on Autumn Breeze Apartments, a proposed 216-unit market-rate, gated community of garden apartments to be located on a site of over 12 acres in Wilmer, TX and a $24.8 MM loan on The Retreat at Grand Prairie, a 154-unit new construction Senior housing community in Grand Prairie, TX. The proposed 7.74-acre site is situated in a neighborhood that consists of single-family homes, retail, and apartment communities. Baksh originated the loan on Autumn Breeze and Managing Principal, Josh Sasouness, originated The Retreat at Grand Prairie.