Dwight Capital had a tremendous start to the year, closing more than $145.67 MM of financings in January. Featured among last month’s transactions are HUD 223(f) loans on Baxter Crossings Apartments and Patriot Ridge Apartments, and a HUD 221(d)(4) construction loan on Plum Tree Apartments.
Managing Director, Josh Hoffman, and Executive Vice President, Keith Hoffman, originated the $74.4 MM loan for Baxter Crossings Apartments, a 694-unit, garden-style apartment complex located in Chesterfield, Missouri. Renovated in 2010, the property consists of 42 apartment buildings situated on a 78-acre site. The loan on Baxter Crossings is Dwight’s largest HUD 223(f) transaction since its inception, and the largest HUD 223(f) refinance in the state of Missouri.
Keith Hoffman also originated the $23.76 MM loan for Patriot Ridge Apartments, a 192-unit apartment community in Dallas, Texas. Built in 2013 with HUD construction financing, the property is comprised of eight 3-story apartment buildings and sits on 9 acres of land. The current ownership group acquired the property in December 2016 and was able to take advantage of the HUD 223(f) refinance program just three years later to cash out built up equity and significantly reduce their interest rate.
The borrowers for Patriot Ridge were thrilled with the exceptional service they received. “We were truly impressed by Keith and his team's professionalism and knowledge of the HUD financing program. This was the reason we decided to partner with them for this refinancing. Dwight Capital went above and beyond our expectations to ensure that all of our needs were met and that everything was handled thoroughly and efficiently. They made the stringent HUD loan process a breeze. We will definitely recommend them to any investors who think HUD financing is appropriate for their investment needs," said Patriot Ridge Partners.
Managing Director, Brandon Baksh, originated the $17.7 MM construction loan on Plum Tree Apartments, a 143-unit market-rate community of contemporary garden apartments to be located in Kaufman, Texas. The proposed community will consist of 114,861 square feet of net rentable residential area and will be situated on a 7.36-acre property.