Dwight Capital closed a 223(a)(7) loan on The Brittany’s, a 98-unit multifamily complex in Rochester, Minnesota.
Josh Sasouness, managing principal at Dwight Capital, originated the $9,320,800 loan, which took only three and a half months, from engagement until close.
The property features two and three bedroom luxury townhouses in a popular residential neighborhood in Rochester, MN.
“The Minnesota HUD office went above and beyond to facilitate the timely closing of this transaction. We are delighted to bring The Brittany’s loan into Dwight Capital’s portfolio, and look forward to working with Minnesota HUD again in the near future,” said Sasouness.
The refinance entailed a savings of over $150,000 of annual debt service obligations while also financing significant capital expenditures, including roof replacements and sprinkler repairs.
“Dwight Capital made everything easy and cost-effective. They did a super job overall,” said Jerry Nelson, owner of The Brittany’s. Dwight Capital, headquartered in New York, is an FHA/HUD approved lender and CMBS lender, focusing on the origination of multifamily and healthcare mortgages.