NEW YORK–(BUSINESS WIRE)–August 17, 2022–
Dwight Capital and its affiliated REIT, Dwight Mortgage Trust, closed more than $207.5 million in real estate financing during the month of July. Among the transactions are HUD 223(f) loans for Division Street Station and The 95 Apartments, and a bridge loan for Tanglewood’s senior living portfolio.
Dwight provided refinancing relay of $ 19 million (April 2022) and a later loan of $ 29.2 million HUD 223 (F) (July 2022) for Division Street Station, a 126-unit apartment community located in Portland, Oregon. The bridge loan was closed in April 2022 to refinance existing bank debt and was repaid with the HUD loan in July 2022. The HUD refinance benefited from a reduction in the Green Mortgage Insurance (“MIP”) premium fixed at 25 basis points because the property is ENERGY STAR Certified.
Division Street Station consists of an apartment building and commercial space occupied by Green Zebra Grocery. Its equipment includes a community fair, a roof terrace, a bicycle room and e -stainless stainless steel appliances. General Manager of Dwight, Josh Sasounessbehind the two transactions for the borrower, Urban Development Group.
Dwight also funded a $26.6 million HUD 223(f) loan for The 95 Apartments, a 224-unit garden-style apartment complex located in Las Vegas, Nevada. The property is comprised of 13 two-story buildings and a clubhouse/rental office with on-site management located on approximately 8 acres. All 95 apartments feature completed and planned unit renovations with high-end finishes and Energy Star-qualified stainless steel appliances. Its facilities include a dog park, swimming pool, barbecue/picnic areas and storage areas.
The loan received a green MIP reduction thanks to The 95 Apartments obtaining ENERGY STAR certification. Josh Sasouness and general manager, Keith HoffmanAt the origin of this refinancing, the second loan for this property and the fourth HUD transaction for Signature Management, a recurring client of Dwight.
Additionally, Dwight completed a $27 million acquisition bridge loan for a portfolio of four assisted living facilities and memory care facilities located in Jamestown and Frewsburg, New York: Tanglewood Mansion, Gardens of memoryThe Magnolia, and comfort today. Together, the facilities include 293 beds and feature community amenities including fitness centers, garden courtyards, lounges, and walking paths.
Dwight’s Josh Levin originated this transaction for the borrower, Gary Rohinsky, CEO of Culture Care Senior Living. Rohinsky said, “At Culture Care, we believe in using our culture as the foundation to achieve our vision of enriching the lives of our seniors, their families, and the communities we serve through compassion, innovation, and customer service. We are grateful to be resuming an operation with a fantastic team that shares the same vision, and we are grateful to the team at Dwight Capital for helping us get there. We look forward to working with Dwight on future transactions.
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 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 is associated with experienced sponsors on projects in the main markets, focusing on investments with a clearly defined output strategy.
For more information about Dwight Mortgage Trust, please visit: www.dwightmortgagetrust.com
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KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE BANKING FINANCING PROFESSIONAL SERVICES URBAN DEVELOPMENT OTHER CONSTRUCTION & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Dwight Capital
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PUBLISHED: 08/17/2022 10:01 AM/DISC: 08/17/2022 10:02 AM