logo
Dwight Capital and Dwight Mortgage Trust Finance $475.5MM in May 2025

Dwight Capital and Dwight Mortgage Trust Finance $475.5MM in May 2025

Business Wire17-06-2025
MIAMI--(BUSINESS WIRE)-- Dwight Capital and its affiliate REIT, Dwight Mortgage Trust ('DMT'), closed $475.5 million in real estate financings in May. Highlighted transactions included a bridge loan for a skilled nursing portfolio in Florida, a bridge loan for Moment Apartments in Minneapolis, and a HUD 223(f) refinance for Pointe Grand Brunswick in Georgia.
DMT closed an $80 million bridge loan to facilitate the acquisition of a five-property, 518-bed skilled nursing portfolio spread throughout central Florida. In conjunction with the bridge loan, Dwight Healthcare Funding provided a $12 million working capital line of credit to support the portfolio's ongoing operational needs. This transaction was originated by Josh Sturm, Managing Director of Senior Housing and Healthcare.
DMT also provided a $49 million bridge loan to refinance Moment Apartments, a newly constructed 222-unit luxury apartment community in Minneapolis, MN. The property consists of a 10-story building with 14,713 square feet of ground-floor retail space, occupied by Starbucks and New Horizon Academy. Residents enjoy premium amenities, such as a fitness center, business center, golf simulator, sauna, and swimming pool. Loan proceeds were used to retire existing debt, fund reserves, and cover transaction-related costs. This financing was originated by Vice President Daniel Malka and Jonathan Pomper for the borrower, Sherman Associates.
Additionally, Dwight Capital financed a $43 million HUD 223(f) loan for Pointe Grand Brunswick, a 264-unit lakefront community in Brunswick, Georgia. Built in 2023, the property comprises eight three-story garden-style apartment buildings, exclusively featuring two-bedroom, two-bathroom units, situated on over 23 acres.
Loan proceeds were used to repay existing debt, including a bridge loan from DMT, cover closing costs, and return equity accumulated since the project's initial construction. The refinance qualified for a reduced Green Mortgage Insurance Premium (MIP) to 25 basis points, due to the property's National Green Building Standard (NGBS) Bronze Level Certification. The transaction was originated by Managing Director Josh Hoffman and Jonathan Pomper for a recurring Dwight client, Hillpointe, which has successfully developed over $1 billion in multifamily housing assets.
About Dwight Capital
Dwight Capital LLC is a leading commercial real estate finance company in the United States, with a loan servicing portfolio exceeding $13 billion. Our services encompass a wide range of commercial lending options, including Balance-Sheet Bridge & New Construction Loans, FHA/HUD Insured Loans, C-PACE Financing, Mezzanine Financing, and Preferred Equity.
For more information about Dwight Capital, please visit: www.dwightcapital.com
About Dwight Mortgage Trust
Dwight Mortgage Trust LLC ('DMT' or the 'Fund') is an actively managed real estate investment trust specializing in the origination and financing of commercial mortgages across a range of real estate asset classes. DMT works in conjunction with affiliate firm Dwight Capital to source and evaluate lending opportunities nationwide. The Fund partners with experienced sponsors on projects in major markets, focusing on investments with a clearly defined exit strategy.
For more information about Dwight Mortgage Trust, please visit:
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Angela Jiménez, Housing Authority High Point CEO, Supports Community Growth Through Safe Housing and Supportive Programs
Angela Jiménez, Housing Authority High Point CEO, Supports Community Growth Through Safe Housing and Supportive Programs

Time Business News

time11 hours ago

  • Time Business News

Angela Jiménez, Housing Authority High Point CEO, Supports Community Growth Through Safe Housing and Supportive Programs

The Housing Authority of the City of High Point (HPHA) has spent more than eight decades working to provide affordable housing and support services to individuals and families in need. What began in 1940 as a local initiative to deliver safe and sanitary housing for low-income citizens has grown into a broad network of programs designed to promote economic mobility, housing stability, and community development. Based in High Point, North Carolina, the agency oversees more than 3,000 housing units and vouchers throughout the city. These include 1,146 units under the Public Housing Program, 1,812 tenant-based Housing Choice Vouchers, and 101 Section 8 New Construction units. Its services are regulated by the U.S. Department of Housing and Urban Development (HUD) and governed by a seven-member Board of Commissioners. The organization's mission is to provide eligible families with adequate, affordable housing and access to economic advancement and homeownership opportunities in safe, drug-free environments. Their efforts reach beyond housing to include educational, financial, and community programming that directly impacts residents' daily lives and future prospects. Angela Jiménez: Leading Where She Once Lived Angela Jiménez leads the HPHA not only as its Chief Executive Officer but also as someone who once called its housing programs home. Born and raised in public housing in High Point, Jiménez once participated in the same programs she now oversees. After earning her high school diploma in Gainesville, Florida, Jiménez served in the U.S. Army and later earned a certification from Brookstone College. She went on to attend High Point University, where she completed both a Bachelor of Science degree and a Master of Business Administration. Jiménez began her career with the HPHA in 2003, serving in several different capacities before being promoted to Chief Operating Officer. She then served as Executive Director of the Rockingham Housing Authority before returning in 2010 to accept the position of CEO. Her appointment marked a historic milestone as the first woman to lead the agency since its founding. A Professional Track Record of Public Service Jiménez brings extensive experience in the housing industry to her role. Her credentials include certifications in HUD Public Housing, Section 8 programs, tax credits, mixed finance, and assisted housing management. Among her professional designations are Certified Property Manager (CPM), Accredited Residential Manager (ARM), and Graduate of the REALTOR Institute (GRI). Licensed as both a North Carolina Realtor and a Real Estate Broker-in-Charge, she also holds credentials as a Certified Housing Counselor, North Carolina Workforce Specialist, and Notary Public. Her community involvement includes service on numerous boards and committees, such as the City of High Point Planning & Zoning Commission, United Way of Greater High Point, the Salvation Army Advisory Board, and several regional and national housing organizations. Throughout her career, Jiménez has earned several recognitions for her work, including Business Woman Extraordinaire of High Point, Women Pioneers of the Triad, and Minority Achievers' Corporate Executive. She is also a graduate of Leadership High Point. Making Housing Accessible in High Point The HPHA offers a wide variety of housing options for people and families who qualify. Its public housing includes single-family homes, garden apartments, duplexes, townhomes, and high-rises, with units ranging from studios to six bedrooms. Families are matched with units based on household size and how much space they need. The agency also helps low-income households—especially seniors and people with disabilities—afford rent in the private market through the Section 8 Housing Choice Voucher Program. Most families pay between 30 and 40 percent of their income toward rent, and HPHA covers the rest by sending payments straight to landlords. To qualify, rental units must pass a housing inspection and meet fair rent standards set by the agency. Vouchers can be used for rentals or, in some cases, to help buy a modest home. The agency continues to provide new vouchers as they become available and encourages more landlords to join the program. Landlords benefit from reliable payments, extra security if a tenant's income changes, and access to a larger pool of renters who tend to stay long-term. Local Services That Make a Difference For many residents, housing is just the beginning. The HPHA also offers programs that help individuals and families build brighter futures. The Family Self-Sufficiency (FSS) Program supports residents in public housing and voucher programs as they work toward goals like better employment, higher income, and financial stability. Each participant is matched with an FSS Caseworker for one-on-one support and has the opportunity to save money in a special escrow account. As their income grows and rent increases, HPHA sets aside a portion of the difference into the account. Families who complete the program can use those savings for major expenses such as buying a car, paying off debt, or purchasing a home. Workforce development opportunities are made possible through Community Development Block Grant (CDBG) funding from the City of High Point. These grants support job training and help residents build long-term careers. In addition, the HPHA provides HUD-approved housing counseling services. These include rental education, credit support, foreclosure prevention, and guidance for first-time homebuyers. An annual housing fair connects residents with local programs and service providers who can help them move toward their housing goals. Each of these resources helps residents achieve greater stability and independence. Uplifting the Next Generation HPHA supports young residents with programs that encourage education, leadership, and personal growth. From after-school activities to summer enrichment, these opportunities help students stay engaged and build valuable skills for the future. Current activities include the on-site Boys & Girls Club at Carson Stout Homes, as well as the ARTZ Club and Big Chair Chess Club. Youth can take part in the Summer Food and Summer Enrichment Programs, receive academic tutoring through High Point LEAP, and develop financial literacy through the SOAR initiative. Little Free Libraries placed throughout HPHA communities also promote a love of reading by making it easier to access books. To recognize former residents who have stepped up as leaders and made a lasting impact in their communities, HPHA launched the Pillars of Fame program in 2005. Nominees are chosen for their civic involvement and their commitment to serving as mentors to current residents. Angela Jiménez—City of High Point Housing Authority CEO—was once honored as an inductee herself. In 2014, the agency introduced the Rising Star Award to celebrate high school juniors and seniors in HPHA programs who excel in the classroom and give back through extracurricular and community service. Eligible students must maintain a high GPA and complete a personal essay as part of the application. The Seeds-to-Success Endowment Fund Scholarship adds another layer of support by offering $500 in need-based tuition assistance for college or trade school. To apply, students must meet academic and service requirements and share their personal definition of success in a short essay. These programs highlight HPHA's ongoing commitment to helping young residents grow, opening doors not just for education, but for lifelong leadership and opportunity. Looking Ahead: HPHA's Role in City Revitalization Beyond daily housing assistance, the HPHA plays a major role in citywide redevelopment. One of its most transformative projects began in 1999, when the agency secured a $20 million HOPE VI revitalization grant to replace the aging Springfield Townhomes. That resulted in Spring Brook Meadows, a $60 million mixed-use community that includes 44 senior rental units, 118 single-family homes, a YMCA, a daycare center, sports fields, and a golf course. As part of the same initiative, HPHA also redeveloped the former Clara Cox Homes site. Renamed Park Terrace, the site now features 250 units of mixed-income housing completed in three phases. A more recent redevelopment is underway at Daniel Brooks Homes, originally built in 1942 and the oldest property in HPHA's inventory. Following HUD approval and a $6.5 million housing bond secured from the City of High Point, the agency plans to demolish 246 units and relocate 216 families. The redevelopment plan includes 100 new mixed-income units on-site and 164 additional units built off-site. Laurel Street, the developer behind Park Terrace, will lead the project. Residents who participate in the Family Self-Sufficiency program will have priority to return to the new housing once construction is complete. A Legacy of Community Impact Under the leadership of Angela Jiménez, the HPHA continues to provide stability, opportunity, and long-term support to the residents it serves. Its programs span housing, education, redevelopment, and community services, each designed to meet people where they are and help them take the next step forward. From working with landlords to expanding career training and youth development, the agency's efforts go beyond providing housing. They give residents the tools to become more self-sufficient and improve their overall quality of life. Many of these efforts are supported through community contributions. Donations help fund programs like school supply drives, book stipends, scholarships, youth sports, and STEM learning opportunities. Supporters are recognized in a variety of ways, including in annual reports, at events, or through named sponsorships. Together, these ongoing efforts reflect the agency's long-standing commitment to improving lives and strengthening communities throughout the city of High Point. TIME BUSINESS NEWS

Look out for a boom in the 'Toyota Camry of housing' that could make starter homes cheaper
Look out for a boom in the 'Toyota Camry of housing' that could make starter homes cheaper

Business Insider

time4 days ago

  • Business Insider

Look out for a boom in the 'Toyota Camry of housing' that could make starter homes cheaper

Homeownership feels like an ever more distant dream these days. But if a bipartisan group of senators has its way, a key type of affordable housing could become cheaper and more abundant. In late July, all 24 members of the Senate Banking Committee voted for the biggest federal housing policy reform package in a decade. Housing policy wonks are particularly excited about one long-sought provision that would end a burdensome and outdated requirement that manufactured homes have a permanent steel trailer frame, called a chassis. That requirement adds cost, limits functionality, and isn't necessary for the transportation of these mostly non-mobile homes that have evolved from trailers. As much of the country suffers from a steep housing shortage and affordability crisis, manufactured homes offer some of the most affordable options on the market, particularly in rural and exurban contexts. They're often starter homes for young families and accessible housing for older people, and they're increasingly a lucrative, appreciating investment. Reforming the 50-year-old rule would cut costs and save homebuyers money, make it easier to build multi-story manufactured homes, and expand where the homes can be built, industry leaders and researchers say. "On day one, chassis reform cuts $10,000 off a type of home that is already sold in the market in the hundreds of thousands," Alex Armlovich, a housing policy analyst at the libertarian think tank Niskanen, said. "There's not a lot else that Congress can do in one fell swoop to cut 10% off the price of any home." The full Senate is poised to pass the bipartisan package, so it's just a matter of the House getting on board to bring it into effect, Armlovich said. Ending the chassis requirement would mean "there's a little bit more room for innovation in what could be built, and less wasted steel, and lower cost, ultimately, to build the things," said Sean Roberts, CEO of Villa Homes, which builds manufactured housing in California and Colorado. "It's arguably better for the environment, as well, because you're using timber frame construction rather than steel." Roberts calls his manufactured homes the "Toyota Camry of housing" — affordable, "high-performance," and "very good quality." And, he joked, they're probably not going to win any design awards. Clayton, one of the country's biggest producers of manufactured homes, also celebrated the move. "Enabling the option of building homes without a permanent chassis drives innovative design and leverages efficiencies which can lower costs for home buyers," the company said in a statement. Factory-made housing is a small but important part of the solution Since 1974, the federal government has regulated manufactured homes under a set of rules known as the HUD code, which overrides state and local building codes. The idea was to modernize and standardize trailers and mobile homes across the country. The permanent chassis, which is part of the HUD code, has dramatically shrunk the manufactured housing industry since the 1970s. There's evidence the chassis requirement was pushed by traditional homebuilders to suppress the booming manufactured housing industry, as Vox's Rachel Cohen recently reported. Today, about 100,000 manufactured homes are produced a year — down from a peak of nearly 580,000 in 1973 — and make up less than 10% of all new construction each year. While we build cars, planes, and boats much more efficiently than ever before, American home-building productivity has stagnated. That's in part because the industry still does so much on-site, custom construction, forgoing the benefits of standardization, climate control, and speed that factories offer. Pre-fabricated buildings — or parts of them — can be produced more cheaply and efficiently. While workers prepare the foundation, the home can simultaneously be constructed indoors without weather and other interruptions slowing down the process. A bipartisan consensus around deregulating HUD-code housing has been building for years. In a major change to the regulations, the Biden administration last year reformed the code to allow up to four dwelling units per manufactured structure. Still, it will take more than just federal deregulation to fully unleash the industry and disrupt traditional homebuilding. Manufactured housing faces other challenges, including a lack of consistent demand and investment, high costs of transporting a finished product to the building site, the decentralized nature of construction, and insufficient financing, according to Mark Erlich, a former officer of the New England Regional Council of Carpenters and the author of " The Way We Build: Restoring Dignity to Construction Work." Manufactured housing has also long been dogged by stigma. There's a widespread perception that single-wides and double-wides are inferior to traditional so-called "stick-built" housing that's constructed piece by piece on the site. The design, functionality, marketing, and perception of manufactured homes would need to improve before they become more popular, Erlich said. While chassis reform is a big deal for the world of manufactured housing, that sector is still a small part of the broader housing landscape. "We've got a housing crisis in this country, and this feels sort of like nibbling at the edges," Erlich said.

Property Tax Reductions Can Yield Affordable Multifamily Housing
Property Tax Reductions Can Yield Affordable Multifamily Housing

Forbes

time04-08-2025

  • Forbes

Property Tax Reductions Can Yield Affordable Multifamily Housing

Reducing or eliminating property tax for projects that include some affordable housing set asides has become a common practice in the United States. The policies and programs are based on the correct assumption that when costs to produce housing go up, so do prices and rents. Property tax is not a trivial element of the costs of producing and operating housing. Building housing increases the value of property, and that increase in value results in higher taxes and operating costs, often dampening incentives to make improvements. Tax abatement and exemption programs to reverse this effect and create incentives take different forms. This brief survey is based on an analysis done by the Mortgage Bankers Association (MBA) of tax abatement and exemption programs for housing across the country. Property Tax Reductions for Non-Profit Affordable Housing Some states, including Alabama, Arizona, California, Hawaii, Oregon, and South Carolina, have abatement programs that have tax abatements for non-profits that provide affordable housing at varying income levels. Alabama exempts projects that meet the Department of Housing and Urban Development's Section 202 requirements, and house senior citizens. Arizona offers a property tax exemption for non-profit organizations that have housing under a restrictive covenant, something typical of Low Income Housing Tax Credit (LIHTC) projects. In Texas, property tax exemptions are available for Public Facility Corporations, non-profit entities created by local government. Property Tax Reductions for Mixed-Income or Workforce Housing A classic example of these sorts of programs is Seattle's Multifamily Tax Exemption (MFTE) program which provides an exemption on improvements to property if the improvement is housing with a set aside of 20% of the units at up to 80% of Area Median Income with a 12 year affordability requirement. The program has produced thousands of affordable units over its decades of operation. Washington DC has a geographic, formula driven abatement that grants a tax abatement equal to 75% of the improved value of the property provided that the development sets aside 5% of the units for low-income households and 10% up to 60% of AMI. The tax abatement lasts for 10 years but the affordability requirement lasts for 20. Other jurisdictions like Tillamook, Oregon and Montgomery, County in Maryland offer similar exchanges of set aside units for an exemption. Historic Rehabilitation & Redevelopment Property Tax Reductions Some jurisdictions offer exemptions for development projects that rehabilitate older, existing buildings. These include Georgia which provides an 8-year abatement, Philadelphia, with a 10-year abatement, Norfolk, Virginia with a 14-year abatement, and New York City with an abatement that can be as long as 34 years. These programs require improvements to properties that either currently provide housing or include some housing component, but none of them appear to have any affordability requirement. The MBA seems to have included them because they are exemption programs that create housing. I'm including them here because these sorts of exemption programs arguably create or preserve housing supply which arguably contributes to affordability. We'll return to this discussion later. Transit-Oriented PropertyTax Reductions Putting more housing near transit, especially light rail stations, is a priority for jurisdictions that have invested in more rail infrastructure. Oregon's Multiple Unit Housing Property Tax Exemption (MUPTE) program offers 10-year exemptions for projects that are adjacent to light rail or transit and include some level of affordability. What each of these approaches has in common is a recognition that the increases in value created by new development create tax consequences that can disincentivize making the improvements in the first place. The concept behind property tax abatement for affordable housing is that reductions in taxes should result in some community benefit, whether in the form of rent restricted housing or more housing of any level of rent. Usually, jurisdictions have to balance the loss of tax revenue with the quantitative benefits of the improvements either in more affordable housing, increased future tax income, or both. Next, we'll take a closer look at a couple of abatement programs, how they work, and whether they've succeeded.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store