NEW YORK–(BUSINESS WIRE)–Dwight Capital and its mortgage REIT affiliate, Dwight Mortgage Trust, closed $377 million in loans in June. Among those transactions are HUD 223(f) loans for Country Club Lakes and Winchester Place apartments, and a bridge acquisition loan for the Beachside Center for Rehabilitation and Healthcare.
Dwight completed two separate loans totaling $64.9 million for Midwest Diversified, including a $33.2 million HUD 223(f) refinance for Country Club Lakes Apartments, a 196-unit garden-style apartment complex in Coconut Creek, Florida, and a $31.76 million HUD 223(f) loan for Winchester Place Apartmentsa 312-unit apartment community located in Fairview Heights, IL.
Both loans benefited from a reduction in the green mortgage insurance premium (“MIP”) set at 25 basis points. Country Club Lakes qualified for the reduced interest rate by achieving ENERGY STAR certification. Winchester Place qualified because the property is pursuing NGBS (National Green Building Standard) certification. General director Josh Hoffman behind the refinancings of Midwest Diversified, a recurring client of Dwight.
James Gordon, President of Midwest Diversified, said, “Dwight Capital is a great teammate. They navigated both loan processes at a high level, from start to goal line. Thanks, Josh and Dwight Capital.
Dwight Mortgage Trust (“DMT”) has completed a $27.25 million bridge acquisition loan for the Beachside Center for Rehabilitation and Healthcare, a 239-bed skilled nursing facility in New Smyrna Beach, Florida. The loan has a term of 30 months and proceeds will be used for capital expenditures and acquisition. DMT Managing Director Josh Sturm is the cause of this closure.
The transaction borrower said, “As an owner/operator of SNF, one of the most difficult challenges we face while navigating through the rapid changes in the healthcare market is finding the right partner to appropriate loan. Dwight has been that perfect lender for us because they know the real-time healthcare market and understand an operator’s vision while executing a successful transaction. It has been a truly positive experience working with Dwight’s healthcare team, and we look forward to many more transactions together.
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 to multifamily and healthcare properties in the United States and manages $11 billion in commercial real estate loans.
For more information about Dwight Capital, please visit: www.dwightcapital.com
About Dwight Mortgage Trust
Dwight Mortgage Trust LLC (“DMT” or the “Fund”) is an actively managed real estate investment trust specializing in originating and funding commercial mortgage loans across a range of real estate asset classes. DMT works with affiliate Dwight Capital to find and evaluate lending opportunities nationwide. The Fund partners with experienced sponsors on projects in key markets, focusing on investments with a clearly defined exit strategy.
For more information about Dwight Mortgage Trust, please visit: www.dwightmortgagetrust.com