Dwight Capital funds over $297.8 million in February 2022 | national

NEW YORK–(BUSINESS WIRE)–March 8, 2022–

Dwight Capital closed over $297.8 million in funding in February. Among Dwight’s deals are a new HUD construction loan for Deer Springs Apartments and bridge loans for Summer Brook Health Care, Terrace at Hobe Sound and Huntwood Terrace Apartments. The bridge loans were arranged through the Company’s commercial mortgage REIT, Dwight Mortgage Trust.

Dwight has provided a $60.98 million HUD 221(d)(4) new construction loan for Deer Springs Apartments, a proposed 334-unit apartment community located in Northwest Las Vegas, NV. The property will consist of two multi-story low-rise residential buildings located on over 9 acres conveniently located near the greater Las Vegas area. The project will feature exceptional build quality with high-end finishes. Its amenities will include a computer/game room, dog park, fitness center, resort-style swimming pool, outdoor BBQ area, and on-site parking and storage.

The loan includes a reduction in the Green Mortgage Insurance (“MIP”) premium set at 25 basis points, as once completed the property will be considered a green/energy efficient home. This is the eighth loan Dwight has taken out for Ovation Development Corp. In December 2020, Dwight funded a construction loan for Ovation Development’s Tesora II apartments, which are currently fully let. Managing Director Adam Sasouness is behind this transaction.

Dwight also funded a $40.2 million acquisition bridge loan for two Florida-based Skilled Nursing (“SNF”) facilities: Summer Brook Health Care and Terrace in Hobe Sound. Together, the facilities include 240 SNF beds and 48 Assisted Living (“ALF”) beds on 70,460 square feet spread over 11 acres. Healthcare Finance Managing Director Adam Offman is behind the transaction.

Chief Executive Brandon Baksh has initiated a $31.2 million bridge acquisition loan for Huntwood Terrace Apartments, a 5-acre gated community in Hayward, California comprised of 104 units. As part of a value-added strategy, the borrower, MC Investment Partners (“MCIP”), plans to invest in domestic and foreign capital expenditures. Following the acquisition, MCIP intends to rebrand the property as The Huntley.

“Thank you to our loyal client for trusting us to close these refinance and acquisition loans. Our balance sheet bridge platform gives us the flexibility to provide our clients with creative solutions tailored to their specific needs,” said Baksh. “We can’t wait to see them execute their business plan.”

About Dwight Capital

Dwight Capital LLC is one of the largest commercial real estate finance companies in the United States. Our suite of services includes commercial loans on a variety of platforms such as FHA/HUD, Bridge and Mezzanine financing as well as preferred stock for stabilized properties and new construction. Dwight Capital is also one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States and services over $9 billion in commercial real estate loans.

For more information about Dwight Capital, please visit: www.dwightcapital.com

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220308005156/en/

CONTACT: Lindsay Morrison

Dwight Capital

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

SECTOR KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE FINANCE URBAN DEVELOPMENT BANKING FCI PROFESSIONAL SERVICES OTHER CONSTRUCTION & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Dwight Capital

Copyright BusinessWire 2022.

PUBLISHED: 08/03/2022 09:00/DISC: 08/03/2022 09:02

http://www.businesswire.com/news/home/20220308005156/en

Copyright BusinessWire 2022.


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Edward L. Robinett