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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