Dwight Capital LogoDwight Capital light background Logo

Dwight Capital Finances Over $396 MM in March 2021

URL copied to clipboard!
city market at O st

Dwight Capital provided in excess of $396 MM in financings (including Interest Rate Reductions) during March. Featured among Dwight’s closings are HUD loans for City Market at O Street, Springs at Laurens Road, and Blackhawk Trails Apartments.

Dwight closed $128 MM in HUD financing for City Market at O Street, a 400-unit mixed-use project located in Washington, D.C. Built in 2013-2014, the property is comprised of two, nine-story apartment buildings, five retail spaces, a ground floor grocery store, and a three-level parking garage. The project’s amenities feature a swimming pool, dog park, rooftop with 360-degree panoramic views, and concierge services. The O Street Market, one of D.C.’s greatest historic landmarks, was preserved and incorporated into the new construction.

The previous loan on the property was also originated and serviced by Dwight Capital. This refinance is the largest loan to date within HUD’s 223(a)(7) multifamily program. Managing Principal, Josh Sasouness, and Managing Director, Brandon Baksh, originated the transaction.

Sasouness and Managing Director, Kevin Lifshitz, originated a $32.48 MM HUD 223(f) cash-out refinance for Springs at Laurens Road, a 272-unit apartment community located in Greenville, SC. Built in 2018, the property is comprised of 13, two-story apartment buildings, a one-story clubhouse/leasing office, an attached car care center, and six detached garage structures situated on 18.4 acres. The gated community’s luxury amenities include a resort-style swimming pool, outdoor barbecue area, fitness center, pet playground and spa area, and 5-Star resident services. The loan includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because the property qualifies as green/energy efficient housing.

Dwight also closed a $27 MM HUD 223(f) cash-out refinance for Blackhawk Trails Apartments, a 196-unit apartment community located in Madison, WI. Built in 2004, the property is comprised of six, three-story buildings and a one-story community building situated on over 9 acres. The loan benefits from a Green MIP Reduction set at 25 basis points because the property is ENERGY STAR certified. Managing Principal, Adam Sasouness, originated this transaction.