Dwight Capital closed over $483.85 MM in financings during June. Featured among Dwight’s closings are HUD loans for Prairie Gate Community, Mi-Place at West Rancocas, and Central Park Estates.
Managing Principal, Josh Sasouness, originated a $45 MM HUD 223(f) cash out refinance for Prairie Gate Community, a 264-unit garden-style apartment complex located in Grand Prairie, Texas. Built in 2019, the property consists of eight, three-story residential buildings, a clubhouse/leasing office and 15 garage buildings situated on 14.5 acres. The community’s amenities feature a walking trail, dog park, fitness center, game room, media center, playground, swimming pool, and pool house with cabanas. The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because Prairie Gate Community qualifies as green/energy efficient housing.
Sasouness also originated a $41.8 MM HUD 223(f) refinance for Mi-Place at West Rancocas, a 232-unit apartment and townhome complex located in Mount Holly, New Jersey. Built in 2015 and 2016, the property consists of 10 three-story apartment buildings, one row of two-story townhouses, and a clubhouse situated on over 13.4 acres. Its amenities feature a solar-powered clubhouse, dog park, fitness center, and an outdoor pool with lounge area. In January 2021, Dwight closed a $39 MM bridge loan for Mi-Place to pay off existing bank debt with an upcoming step up in prepayment penalty and then subsequently paid off the bridge loan with a HUD loan in June 2021.
Dwight also financed a $34.5 MM HUD 223(f) loan for Central Park Estates, a 254-unit townhome-style apartment community located in Novi, Michigan. Built between 2001 and 2003, the property consists of 43 two- and three-story residential buildings, a clubhouse/leasing office, and gate house. The apartments include private entries with attached garages and gas fireplaces. The community’s amenities feature a basketball court, community room, fitness center, playground, and tennis court. The loan benefitted from a Green MIP Reduction because Central Park Estates, through the refinance, obtained NGBS (National Green Building Standard) certification. This was the third HUD refinance that Dwight closed for the property. Managing Directors, Josh Hoffman and Kevin Lifshitz, originated this transaction.