Dwight Capital Closes October 2019 with Over $87.3 MM in Total Loans
NEW YORK--(BUSINESS WIRE)--Nov 15, 2019--
Dwight Capital is pleased to report another successful month with closings exceeding $87.3 MM. Featured closings include a 223(a)(7) refinancing on Cross Creek Village Apartments, a bridge loan on Golden Gate Townhomes and a HUD 223(f) loan on Phillips Landing Apartments.
Dwight’s Managing Director, Brandon Baksh, and Brian Yee, originated the $23 MM loan on Cross Creek Village Apartments, a 228-unit market-rate apartment complex located in Hattiesburg, Mississippi. Cross Creek’s amenities include a swimming pool, state-of-the-art clubroom and cybercafé. The transaction received a reduced MIP of 0.25% as the property qualified for Green/Energy Efficient Housing.
Vice President, Ari Mandelbaum, and Jack Harary, closed $20.1 MM in bridge financing for Golden Gate Townhomes, a 316-unit townhome-style apartment community located in Stone Mountain, Georgia. The property is situated on 50+ acres and features 36 residential apartment buildings and a clubhouse. It was completely vacant when the Sponsor originally purchased it in 2012. The Sponsor has since spent $14 MM in renovations including demolishing 88 units, which were damaged by a fire. To date, 284 units have been delivered to market with the remaining 28 expected to go online over the next few weeks. The property has been leasing up quickly and achieving higher rents given the extent of the renovations.
A local bank funded construction of the initial phases of Golden Gate, but they were not equipped to lend beyond that. The Sponsor then utilized a bridge loan to refinance the bank loan, and to fund the construction of the remaining units. After having difficulty getting approval for construction draws the sponsor funded the majority of the construction out of pocket. After the bulk of the renovations were completed, he approached his bridge lender for a refinance to cash out his equity basis, but they declined. He then approached several other bridge lenders, all of whom also declined due to the size of the cash out. The Sponsor was then approached by Dwight who agreed to fund the $20.1 MM bridge loan refinance, which included $6.9 MM of cash out.
The borrower for Golden Gate, Eran Israel, was pleased with the outcome of the bridge deal. “Working with Dwight has been my best bridge loan experience to date. They have a great team that closes deals fast - this loan was closed within two months. I’m very thankful for all of their hard work,” said Israel.
Mandelbaum and Harary also closed a $12.6 MM loan for Phillips Landing Apartments, a 144-unit luxury apartment community in Statesville, North Carolina that was built in 2000. The HUD loan included a reduced MIP of 0.25% as the property qualified as Green/Energy Efficient Housing.
Dwight Capital is a leader in commercial real estate finance and is one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States. Dwight has led the industry as a top-5 Multifamily & Healthcare HUD lender by both transactions and dollar amount over the past five years. Our range of services include commercial lending across a variety of platforms such as Bridge, USDA, Mezzanine, and Preferred-Equity for both stabilized and new-construction properties.
For more information about Dwight Capital, please visit: www.dwightcapital.com
View source version on businesswire.com:https://www.businesswire.com/news/home/20191115005030/en/
CONTACT: Dwight Capital
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY BANKING
SOURCE: Dwight Capital
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PUB: 11/15/2019 08:30 AM/DISC: 11/15/2019 08:30 AM