Dwight Capital continues to build on its strong momentum with more than $226.86 MM in closings in April. During the month, Dwight financed $96.7 MM in 223(f) loans, $95.16 MM in 223(a)(7) loans, and $35 MM in bridge loans. Featured among these transactions are HUD 223(f) loans on Oxford at Tech Ridge and Whipple Creek Village Apartments.
Managing Director, Brandon Baksh, and Brian Yee originated a $23.85 MM HUD 223(f) loan for Oxford at Tech Ridge, a 256-unit garden-style apartment complex located in Austin, TX. Built in 2010, the property is in mint condition and is situated on 14.5 acres. The community consists of 11 three-story apartment buildings, a clubhouse, and 12 garages. The mortgage includes a reduced Green Mortgage Insurance Premium (MIP) rate of 0.25% due to the property’s Green/Energy Efficient status.
“We are thankful for the Dwight team’s consistent support and ability to execute efficiently over the last few years,” said Justin Swartz, Owner of Oxford Tech Ridge Apartments, LLC. “They made the Oxford at Tech Ridge closing process a breeze, especially in this uncertain COVID-19 economic market. We are looking forward to continuing this relationship.”
Executive Vice President, Keith Hoffman, originated a $20.7 MM HUD 223(f) loan for Whipple Creek Village Apartments, a 114-unit apartment/townhome community located in Ridgefield, WA. The property sits on 12.7 acres, ideally located in Ridgefield's Mount Vista neighborhood. This loan achieved a reduced Green MIP of 0.25% since Whipple Creek complies with HUD’s ENERGY STAR requirements.
“Whipple Creek is a previously HUD-insured property that was able to take advantage of the current interest rate and property valuation environment to extract equity, reduce their all-in interest rate and lock the new loan for another 35 years,” said Hoffman. “We received our HUD loan commitment in only 20 days, which may be a 223(f) program record and is a huge compliment to the Dwight Capital Underwriting Team’s efficiency, knowledge, and relationship with the San Francisco HUD office. On top of that, we were able to process our closing quickly during the current uncertain COVID-19 climate.”