Dwight Capital financed $340.7 MM in September following its acquisition of Love Funding. During the month, Dwight financed $88.74 MM of 223(a)(7) loans, $82.35 MM of interest rate reductions, $69.25 MM of 223(f) loans, $55.1 MM of 221(d)(4) construction loans, $33.56 MM of 232/223(f) loans, and $11.7 MM of bridge loans.
Featured among the closings was a $55.1 MM new construction HUD loan for Aviva Goodyear, a proposed 288-unit apartment community located in Goodyear, Arizona. The loan is the largest HUD-insured construction loan in the state of Arizona. Situated on over 15 acres, the project will be comprised of 11 two and three-story residential apartment buildings and a clubhouse. The property will feature premium amenities that are wellness-oriented, including two swimming pools, a fitness center with a boxing and yoga/spin studio, dog park, basketball court, playground, 43 covered garages, four electric car charging stations, carports and additional storage options for residents. This loan, which was originated by Managing Director, Brandon Baksh, and Originator, Karnveer Bal includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points as the site will be built in accordance with the National Green Building Standard (“NGBS”).
Vice President, Daniel Malka, and Originator, Jacob Gauptman originated a portfolio of over $52.3 MM in HUD 223(f) loans for Oakview Garden Apartments I & II in Falls Church, VA. Situated on over 15 acres collectively, the properties consist of 324 units, featuring amenities including a swimming pool, basketball court, playgrounds, and parking areas. Oakview Gardens I and II are project-based Section 8 properties with nearly 100% of the units covered under a HAP Contract, thus qualifying for reduced Broadly Affordable Housing MIPs set at 25 basis points. Both transactions featured Mark-Up-To-Market (“MUTM”) HAP Contract extensions, allowing the sponsor to capitalize on the submarket’s growing rent trends. These are the fifth and sixth loans that Dwight has closed for this borrower.