Dwight Capital Funds $31 mill 221(d)(4) Sub-Rehab Loan In Just Six Months
21 February 2018 - 1:00AM
Business Wire
Dwight Capital is pleased to announce that it has secured a $31
million 221(d)(4) loan for the substantial rehabilitation of Haynes
Garden Apartments, a 208-unit Project Based Section-8 apartment
community in Nashville, TN. The loan had term of 40 years and was
funded in conjunction with the utilization of 4% Low Income Housing
Tax Credits (LIHTC) as well as a HAP contract renewal.
The transaction was on a tight timeline due to its acquisition
and tax credit status. The sponsor discussed financing options with
various lenders but settled on Dwight with only six months
remaining to close and retain the tax credits he was awarded from
the local housing authority. Dwight’s strong relationship with the
Atlanta HUD office coupled with its innate ability to expedite loan
processing times through HUD enabled for the successful and timely
execution.
The sponsor, David Izkowitz, said: “Dwight executed flawlessly
on a complex application in record time closing the complex
transaction within just six months of being engaged. They met all
the necessary deadlines, and broke new ground on a structured LIHTC
transaction. All departments of Dwight were a pleasure to deal with
– origination, underwriting, and closing all worked together to
bring us to a successful closing that occurred just within our
deadline.”
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Dwight CapitalLindsay Morrisonlm@dwightcap.com