NEW YORK–(BUSINESS WIRE)–Dwight Capital’s growth remains solid in 2019, closing over $118 MM in transactions this February. Most notably, a $31 MM loan on Tesora Apartments in NV and a $41.17 MM loan on The Preserve at Ballantyne Commons in NC.
Tesora Apartments is a 231-unit, Class A, garden-style apartment complex located in Las Vegas, NV, 20 miles from The Strip. The property was constructed in a single phase in 2004, consisting of 36 two-story apartment buildings, as well as a clubhouse, and several amenity spaces.
The $31,013,200 223(f) refinance closed on February 15th, 2019. With the help of Dwight Capital, the project was able to obtain the Energy Star for Existing Buildings Certification with an Energy Star score of 96, thereby qualifying the project for HUD’s reduced Green MIP program.
This transaction strengthened Dwight’s already established relationship with the Ovation team, with whom Dwight has closed several refinances in the Las Vegas MSA including Amalfi, Tivoli, and Venicia Apartments.
Dwight Capital also secured a $41.17 million HUD 223(f) loan for The Preserve at Ballantyne Commons, a 270-unit market rate apartment building located in Charlotte, NC. The non-recourse fixed rate loan had a 35-year term with a flexible step-down prepayment schedule.
Managing Director, Brandon Baksh, commented on the refinancing, “This was a big closing for Dwight Capital. We were able to achieve the National Green Building Standard (NGBS) certification despite the project needing a significant amount of capex to get there. We were able to use the necessary repairs to increase the appraised value of the project and our underwritten NOI. This is the type of renovation HUD had envisioned with the green program and we are glad we were able to achieve a win-win for both the borrower and HUD.”
Other Dwight closings in February 2019 include:
$3.96 MM Bridge loan on Indian Creek Healthcare Center, a 120-bed SNF in Overland Park, KS $2.34 MM Bridge loan on Underwood Manor, a 32-bed ALF in Hinsdale, NY $3.7 MM Bridge loan for a three-facility SNF Portfolio in WI $3.77 MM Bridge loan on Oceana Rehab and Nursing Center, a 116-bed SNF in Cape May Court House, NJ $17.3 MM 223(f) loan on Parc Central Apartments, a 151-unit multifamily property in Vancouver, WA $4.56 MM 223(f) loan on Nola Place Apartments, a 54-unit multifamily property in Salem, OR
Dwight Capital is a leader in commercial real estate finance and is one of the largest FHA/HUD lenders on multifamily and healthcare properties in the United States. Dwight has excelled in the industry as a top-5 Multifamily HUD lender by both transactions and dollar amount over the past four years. Our range of services include commercial lending across a variety of platforms such as CLO, USDA, Bridge, Mezzanine, and Preferred-Equity for both stabilized and new-construction properties.
For more information about Dwight Capital, please visit: www.dwightcapital.com