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World Business
November 19, 2020

Dwight Capital Finances Over $297.8 MM in October 2020

Oak Creek Apartments

Dwight Capital financed $297.8 MM in October. During the month, Dwight closed $121.86 MM in interest rate reductions, $102.56 MM in 223(f) loans, $53.3 MM in (a)(7) loans, and $20.1 MM in bridge loans. Featured among the closings are HUD 223(f) loans for Tamaron Ranch Apartments, Terrazzo Apartments, and Oak Creek Apartments.

Executive Vice President, Keith Hoffman, originated a $48.96 MM HUD 223(f) loan for Tamaron Ranch Apartments, a 266-unit garden-style apartment complex located in Lynnwood, WA. The property consists of 19 three-story residential buildings and a two-story community building situated on over 12 acres. Its amenities include a fitness center, outdoor sports court, playground, swimming pool, and reserved parking with nearly 450 spaces. This refinance includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points as the property is ENERGY STAR certified.

Managing Director, Brandon Baksh, and Originator, Brian Yee, originated a $27.92 MM HUD 223(f) loan for Terrazzo Apartments, a 224-unit apartment community located in Austin, TX. Renovated in 2007, the property consists of 12 three-story apartment buildings situated on over 18 acres. Its amenities feature a business center, clubhouse, coffee bar, courtyard, fitness center, playground, and swimming pool. Terrazzo Apartments qualifies as Green/Energy Efficient Housing, and therefore received a Green MIP Reduction set at 25 basis points.

Dwight also closed a $25.68 MM HUD 223(f) loan for Oak Creek Apartments, a 180-unit apartment community located in Vancouver, WA. Set on 8 acres of land and partially renovated in 2014, the property is comprised of 11 residential buildings, three garages, and two non-residential buildings. Oak Creek Apartments’ amenities include a sand volleyball court, swimming pool and clubhouse featuring a resident’s lounge, fitness center and laundry facility. This refinance, which was originated by Managing Principal, Josh Sasouness, also benefited from a Green MIP Reduction set at 25 basis points.