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Dwight Capital Finances Over $635MM in January 2021

February 17, 2021, 07:18 AM
Filed Under: Real Estate

Dwight Capital closed in excess of $635MM in financings (including Interest Rate Reductions) in January. Featured among Dwight’s closings are HUD loans for Legends Cary Towne, SOVA on Grant Apartments, Infinity at Centerville Crossing and Cascades Apartments.

Dwight provided $50.48 MM for Legends Cary Towne, a 354-unit apartment complex located in Raleigh, NC. The property is comprised of 15 three-story apartment buildings, a clubhouse and seven parking garages all situated on over 21 acres. Legends Cary Towne has undergone interior and exterior renovations since 2015, including improvements on 90% of its units, and is in mint condition. The apartment community’s amenities include a fitness center, swimming pool, spa, basketball court, tennis court and outdoor lounge areas. The loan includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points, as the property is ENERGY STAR certified. Managing Principal, Josh Sasouness, originated this transaction.

Managing Director, Brandon Baksh, and Originator, Brian Yee, originated $50 MM for SOVA on Grant Apartments, a 211-unit luxury apartment complex located in the heart of Uptown Denver, CO. The community was built in 2018 with chic, high-end finishes and panoramic city views. SOVA’s amenities include a virtual golf driving range, fitness facility, rooftop lounge and spa. Upon construction, the property received the LEED Silver designation, and therefore achieved a Green MIP Reduction set at 25 basis points.

Dwight also financed loans for Infinity at Centerville Crossing and Cascades Apartments, two adjacent luxury apartment communities located in Virginia Beach, VA. Dwight closed $40.48 MM for Infinity, a 236-unit complex that was built in 2016. Set on 10.36 acres, the property is comprised of five, four-story apartment buildings and a single-story community center. Its amenities include a clubroom, fitness and business centers, outdoor gazebos and a swimming pool.

In addition, Dwight closed $40.24 MM for Cascades Apartments, which is situated on over 11.6 acres. Built in 2010, the property is comprised of seven, three-story apartment buildings with 226 residential units and one, four-story mixed-use building. The mixed-use building contains 20,700 square feet of nine commercial units, which include a fitness center, nail salon, coffee shop, and insurance agency. Both loans, closed for the same borrower, include Green MIP Reductions set at 25 basis points, since the properties are ENERGY STAR certified. Baksh, and Originator, Karnveer Bal, originated these transactions.

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