Dwight Capital provided over $502.2 MM in closings during July. Featured among Dwight’s transactions are HUD loans for Saddleback Ranch Apartments and Legends of Fox Creek, and a bridge loan for Residences at Town Square.
Dwight closed a $74.99 MM HUD 223(f) loan for Saddleback Ranch Apartments, a 305-unit garden-style apartment complex located in Mission Viejo, CA. Situated on 38 acres, the property consists of 38 two-story walk-up buildings. Its amenities include a fitness center, tennis court, basketball court, bike trails, running paths, and two swimming pools. The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because Saddleback Ranch Apartments qualifies as green/energy efficient housing. Managing Principal, Josh Sasouness, originated this transaction for a repeat Dwight client.
Sasouness also originated a $32.8 MM HUD 223(f) loan for Legends of Fox Creek, a 339-unit garden-style apartment complex located in Clarkston, MI. The property is comprised of 14 two- and three-story apartment buildings, a clubhouse with leasing office, and four storage buildings situated on a 39.9-acre site. Its amenities feature a business center, fitness center, swimming pool, picnic area, dog park, and small pond. The loan benefitted from a Green MIP Reduction because the property qualifies as green/energy efficient housing.
Vice President, Daniel Malka, originated a $60 MM cash-out bridge loan for Residences at Town Square, a 480-unit mixed use apartment complex located in Amarillo, TX. Built between 2015 and 2019, the property consists of four five-story buildings situated on over 32 acres. Its amenities include a fitness center, playground, and resort-style pool. Residences at Town Square also features 121,360 square feet of ground floor retail space, which includes a dental office, nail bar, spa, and steakhouse. The bridge loan will be used to retire existing debt. Daniel Hartnett of Greysteel served as a correspondent on the transaction.