November 18, 2020
New York-based Dwight Capital provided nearly $75 million in financing for a pair of Washington multifamily communities. The properties are located in Lynnwood and Vancouver.
The larger transaction was a $48.96-million HUD 223(f) loan for Tamaron Ranch Apartments (pictured), a 266-unit garden-style apartment complex located in Lynnwood. The property consists of 19 three-story residential buildings and a two-story community building situated on over 12 acres. The refinance includes a Green Mortgage Insurance Premium Reduction set at 25 basis points as the property is ENERGY STAR certified. Dwight Capital’s Keith Hoffman originated the transaction.
The deal in Vancouver was a $25.68-million HUD 223(f) loan for Oak Creek Apartments, a 180-unit apartment community. Set on eight acres of land and partially renovated in 2014, the property is comprised of 11 residential buildings, three garages, and two non-residential buildings. The refinance, which was originated by Dwight’s Josh Sasouness, also benefited from a Green Mortgage Insurance Premium Reduction set at 25 basis points.
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