Dwight Capital Finances Over $227.2MM in April 2022

Dwight Capital closed over $227.2MM in real estate financings during April. Featured among Dwight’s transactions are HUD loans for Highland Ridge Apartments and Harbor Heights Apartments, and a bridge loan for 235 Valencia Street.

Dwight financed a $49.8MM HUD 223(f) cash-out refinance for Highland Ridge Apartments, a 240-unit garden-style apartment community located in Lockport, IL. Completed in 2019, the property consists of 12 apartment buildings and a clubhouse/leasing office situated on over 15 acres. Its amenities feature a dog park, fitness center, resort-style pool, theater, shuffleboard, and yoga room. The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because Highland Ridge Apartments is ENERGY STAR certified. Managing Director Brandon Baksh originated this transaction for Heartland Real Estate Partners, a repeat Dwight client.

Vice President, Daniel Malka, and Jacob Gauptman closed a $32.48MM HUD 223(f) cash-out refinance for Harbor Heights Apartments, a 121-unit luxury apartment community located in Mystic, CT. The loan included a Green MIP because the property is ENERGY STAR certified. Built in 2020, Harbor Heights Apartments consists of one four-story building with an onsite leasing/management office situated on 10.5 acres. Its amenities include a clubhouse with kitchen, conference room, dog park, fitness room, swimming pool and outdoor BBQ area, and. The HUD refinance paid off a bridge loan, which closed in November 2021 through the firm’s mortgage REIT affiliate Dwight Mortgage Trust to retire construction debt and fund pre-development costs for a second phase of the property.

Dwight also provided a $26MM bridge refinance for 235 Valencia Street, a newly constructed 40-unit apartment complex with ground-floor commercial space located in San Francisco, CA. The loan proceeds were used to pay off an existing construction loan. Built in 2021, the property is comprised of five stories including approximately 20,370 SF of residential area and 5,530 SF of commercial space.

The development is conveniently located in the Mission District, which offers tenants accessible public transportation and proximity to major demand drivers, such as Twitter’s office headquarters. 235 Valencia was strategically developed to attract tenants by combining exterior beauty with high-end interior luxury while also minimizing its carbon footprint. The community has an expansive roof deck with barbeque and utilizes sustainable features including a bioretention program, green roof system, and green cleaning program. Ian Hawk and David Scheer originated this transaction, which was brokered by Aaron Appel and Ari Hirt of Walker & Dunlop.