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World Business
January 20, 2021

Dwight Capital Finances Over $565.84 MM in December 2020

Desert Sky Apartments

Dwight Capital closed December 2020 with over $565.84 MM in financings this month. Featured among Dwight’s closings are HUD loans for Remington Apartments, Village at Baker Creek, and Desert Sky Apartments.

Dwight provided $49 MM for Remington Apartments, a 472-unit garden-style apartment complex located in St. Charles, Missouri. Situated on nearly 40 acres, the property was recently renovated in 2015 and has been very well-maintained. It consists of 33 two-story apartment buildings, a clubhouse, fitness center and outdoor amenities, including a swimming pool, tennis court, volleyball court, and barbecue areas. Remington Apartments received a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points. Managing Director, Josh Hoffman, and Executive Vice President, Keith Hoffman, originated this transaction.

Josh Hoffman and Managing Principal, Josh Sasouness, originated $37 MM for Village at Baker Creek, a 256-unit garden-style apartment community located in Bellingham, WA. Built in phases between 2002 and 2015, the property consists of 19 buildings situated on over 16 acres. Village at Baker Creek’s amenities include a fitness center, playground and community room. The loan, closed for a repeat Dwight client, includes a Green MIP Reduction set at 25 basis points as the property is ENERGY STAR certified.

Dwight also financed $28 MM for Desert Sky Apartments, a 170-unit garden-style apartment community located in Las Vegas, Nevada. Situated on over six acres, the property consists of 12 two-story residential buildings, a clubhouse, leasing office, spa and swimming pool. It was renovated in 2001 and has been maintained in mint condition. Desert Sky Apartments qualifies as green/energy efficient housing, and therefore received a Green MIP Reduction set at 25 basis points. This is the second HUD 223(f) refinance that Dwight has closed for the asset in two years, which demonstrates the strength of the property, sponsor, and the Las Vegas market. Executive Vice President, Keith Hoffman, originated this loan.