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August 06, 2020

Dwight Capital Finances Over $302.18 MM in July

golden+gardens+apartments

Dwight Capital financed $302.18 MM in July. During the month, Dwight closed $108 MM in 223(f) loans, $104.4 MM in interest rate reductions, $49.69 MM in 223(a)(7) loans, $21.47 MM in bridge and mezzanine loans, and $18.56 MM in 232/223(f) loans. Featured among these transactions are HUD 223(f) loans for Golden Gardens Apartments and The Rose Apartments.

Managing Principal, Josh Sasouness, originated a $14.48 MM HUD 223(f) loan for Golden Gardens Apartments, a 110-unit garden-style apartment community located in Fresno, CA. The property is comprised of 10 two-story apartment buildings and a single-story leasing office and community building. It features a turf soccer field, swimming pool, basketball court and playground situated on over 5 acres of land. Golden Gardens underwent a $3 MM renovation that was completed in 2019. This refinance includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points since the property earned an ENERGY STAR Statement of Energy Performance (“SEP”) of 96.

Sasouness also closed a $10.9 MM HUD 223(f) loan for The Rose Apartments, a 90-unit affordable and sustainable apartment community located in Portland, OR. Built in 2015, the property consists of two four-story apartment buildings that were built to LEED Silver Certification standards from the U.S. Green Building Council and features passive solar designs, on-site water harvesting, two electric car charging stations, pedestrian walkways, green community gardens and on-site parking. Due to the property’s energy efficient status, the mortgage includes a Green MIP Reduction set at 25 basis points. The Rose Apartments also meets multiple affordability requirements and includes an annual tax abatement used to secure additional loan proceeds.