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World Business
June 09, 2021

Dwight Capital Financed $364.26 MM in May 2021

springs at south elgin

Dwight Capital financed in excess of $364.26 MM during May. Featured among Dwight’s closings are HUD loans for Springs at South Elgin and Greystone at Widewaters, and a cash-out bridge loan for Golden Gate Townhomes.

Dwight provided a $47.36 MM  HUD 223(f) refinance for Springs at South Elgin, a 300-unit townhome-style apartment community located in South Elgin, Illinois. Built in 2018, the property consists of 15, two-story apartment buildings, a clubhouse/leasing office, three garage structures, and an attached car care center situated on over 16.5 acres. Its amenities feature a fitness center, pet playground, swimming pool, outdoor barbecue area, and 5-star resident services. The loan includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because Springs at South Elgin is ENERGY STAR certified. This is the sixth refinance that Dwight has closed for Continental Properties. Managing Principal, Josh Sasouness, and Managing Director, Kevin Lifshitz, originated this transaction.

Josh and Adam Sasouness originated a $43.9 MM HUD 223(f) cash-out loan for Greystone at Widewaters, a 332-unit luxury apartment community located in Knightdale, North Carolina. Built in 2006, the property consists of 13 three-story residential buildings, a car-wash station, clubhouse, and recycle and storage buildings situated on 24.5 acres. Its amenities feature a business center, dog park, fitness center, media center, playground, swimming pool and cabana, and outdoor fireplace with a built-in grilling station. The loan benefitted from a Green MIP Reduction because Greystone at Widewaters is ENERGY STAR certified.

Dwight also closed a $35 MM bridge cash-out refinance for Golden Gate Townhomes, a 316-unit garden-style apartment community located in Stone Mountain, Georgia. The property consists of 36 two-story residential buildings, a clubhouse, and maintenance and security buildings situated on over 50 acres. Its amenities feature a playground, swimming pool, and tennis/sports court. Golden Gate Townhomes is also in close proximity to the 3,200-acre Stone Mountain Park, which includes a golf course, lake, and hiking trails. Ari Mandelbaum, Adam Sasouness, and Jack Harary originated this transaction.