Dwight Capital closed over $425.9MM in financings during March. Featured among Dwight’s transactions are HUD loans for The Residence at Marina Bay, The Apartments at Westport Commons, and Stablewood Farms Apartments.
Dwight provided a $38.8MM HUD 223(f) refinance for The Residence at Marina Bay, a 216-unit waterfront apartment community located on Lake Murray in Irmo, SC. Built in 2012, the property consists of five, four-story apartment buildings with lake views situated on 11.34 acres. The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) set at 25 basis points because The Residence at Marina Bay is ENERGY STAR certified. Managing Director Keith Hoffman originated this transaction for the borrower, Arnold Family Corporation.
“The team at Dwight Capital was a pleasure to work with,” said Ben D. Arnold, CEO of Arnold Family Corporation. “Working through a HUD refinance not only takes a lot of time, but also requires attention to detail. Dwight was engaged every step of the way and exceeded our expectations. We look forward to working with them on future loans,” said Arnold.
Dwight also financed a $27.19MM HUD 221(d)(4) construction loan for The Apartments at Westport Commons, a proposed 138-unit mixed-use development located in Kansas City, MO. The project is a substantial rehabilitation of the once prominent Westport High School located in the historic Southmoreland neighborhood. The site was placed in the National Register of Historic Places in 2015 and the transaction will utilize state and federal historic tax credits in addition to debt financing provided by Dwight Capital.
The development is the latest phase of the Westport Commons redevelopment plan, consisting of 15+ acres within the Midtown Kansas City area. The current project is situated on 4.86 acres and consists of a four-story mid-rise school building. The school was built in three phases and the planned renovation of the original 1908 and 1964 buildings will transform the existing classroom spaces into 138 apartment units across 100,555 square feet. The 1992 annex will be repurposed to 24,000 square feet of commercial space. The loan includes a Green MIP Reduction because the property will qualify as green/energy efficient housing under the LEED program. Steven Hunt originated the loan for this project, which is being co-developed locally by Andrew Brain of Brain Group and E.F. Chip Walsh of Mercier Street.
“This project is well-positioned to be successful because of its location and the other numerous investments, both public and private, that are being made within the surrounding area,” said Walsh. “The entire development team is excited to be moving forward with construction and is appreciative of the financing provided by Dwight Capital.”
Dwight Managing Principal Josh Sasouness originated a $22.7MM HUD 223(f) loan for Stablewood Farms Apartments, a 252-unit affordable apartment community located in San Antonio, TX. Built in 2002, the property is comprised of 16 two- and three-story garden-style apartment buildings, five garage buildings, a leasing office and community center situated on nearly 22 acres. The loan benefitted from an Affordable Housing MIP reduction set at 35 basis points because 75% of the property’s units, owned by Merced Housing Texas, are restricted to 80% Average Median Income (“AMI”), and 20% are restricted to 50% AMI.