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December 14, 2020

Dwight Capital Finances Over $552.46 MM in November 2020

Residences Bat First National

Dwight Capital financed over $552.46 MM in November. Featured among Dwight’s closings are HUD loans for 5151 Downtown Littleton, Residences at First National, and Renaissance Apartments.

Managing Director, Brandon Baksh, originated a $51.39 MM HUD  loan for 5151 Downtown Littleton, a 350-unit luxury apartment community located in Littleton, CO. The property consists of nine three-story residential buildings, five parking garages, and a clubhouse situated on over 13 acres. Its upscale amenities include a fitness center, swimming pool, electric fireplaces, private patios, and balconies. 5151 Downtown Littleton qualifies as green/energy efficient housing, and therefore received a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points.

Dwight financed a $44.5 MM substantial rehabilitation loan for The Residences at First National, a proposed 193-unit multifamily property located within the iconic First National Bank Tower in the heart of downtown Oklahoma City. This financing, along with proceeds from the sale of state and federal historic tax credits, will be used to revitalize the building, which currently stands as the third tallest building in Oklahoma City. The building is listed on the National Register of Historic Places and its rehabilitation is intended to meet the National Green Building Standard (“NGBS”) Bronze certification.

The loan exclusively relates to the construction of The Residences, which will span floors 9-32 of the 33-story skyscraper. The remaining portion of the Tower will be comprised of a Marriott Autograph Collection Hotel, including gathering areas, restaurants, and bars. Several exclusive residential amenities will be located on a 14th floor deck, including a heated pool, upscale dog park, game room, fitness center, and outdoor entertainment area. Parking will also be available in an adjacent garage as part of the rehabilitation.

Dwight also provided $34.96 MM in new construction financing for Renaissance Apartments, a 198-unit proposed mixed-use apartment complex located in Wilmington, NC. The property will consist of two four-story apartment buildings situated on over 8 acres in the Mayfaire area of Wilmington. One of the buildings will feature a range of luxury amenities, including a courtyard, clubhouse, fitness center, and pool lounge. The second building will include 2,530 square feet of ground-floor retail. Renaissance Apartments will be built in accordance with the NGBS Bronze certification, thus qualifying for a Green MIP Reduction set at 25 basis points. Baksh also originated this transaction.