New York’s Dwight Capital Closes Over $425M in Loans During March
New York’s Dwight Capital closed over $425.9 million in financings during March, including HUD loans for The Residence at Marina Bay, The Apartments at Westport Commons, and Stablewood Farms Apartments.
Dwight provided a $38.8-million HUD 223(f) refinance for The Residence at Marina Bay, a 216-unit waterfront apartment community located on Lake Murray in Irmo, SC. Built in 2012, the property consists of five, four-story apartment buildings with lake views situated on 11.34 acres.
The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) set at 25 basis points because The Residence at Marina Bay is ENERGY STAR certified. Managing Director Keith Hoffman originated this transaction for the borrower, Arnold Family Corporation.
Dwight also financed a $27.19-million HUD 221(d)(4) construction loan for The Apartments at Westport Commons, a proposed 138-unit mixed-use development located in Kansas City, MO. The project is a substantial rehabilitation of the once prominent Westport High School located in the historic Southmoreland neighborhood.
The site was placed in the National Register of Historic Places in 2015 and the transaction will utilize state and federal historic tax credits in addition to debt financing provided by Dwight Capital.
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