Dwight Capital Provides $24M HUD Refinance on Texas Rental Community


New York-based lender Dwight Capital has provided $23.9 million in U.S. Department of Housing and Urban Development-insured (HUD) financing to Oxford Enterprises backed by Oxford at Tech Ridge, a multi family complex in Austin, Texas. 

The loan was provided under the HUD Federal Housing Administration Section 223(f) program — which offers competitive rates against other agency products and covers acquisitions and refinancings — and it included a green mortgage insurance premium (MIP) rate of just 0.25 percent due to the property’s status as being energy efficient or “green,” as deemed by HUD, according to Dwight officials. 

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Dwight Capital managing director Brandon Baksh, along with Brian Yee, originated the refinance.

The mortgage closed on April 22 and was one of a series of deals totaling nearly $230 million that Dwight originated that month, as per information released from the lender. 

Built in 2010, Oxford at Tech Ridge is a garden-style community that sits on 14.5 acres at 305 East Yager Lane in Austin. It comprises 11 three-story apartment buildings and 256 residences, and it has a clubhouse and offers 12 detached and attached car garages for its residents.

The site also offers a pool with cabanas, a fitness center, an indoor aerobics and yoga studio, an indoor basketball court, a business center and a dog park, according to information from the property’s website. 

Monthly rents currently range from just under $1,000 for one-bedrooms to around $1,500 for two-bedroom units, as per the property’s website. 

As part of it’s active lending campaign in April, while the industry was in the eye of the pandemic, Dwight Capital also provided a $20.7 million HUD FHA section 223(f) refinance on Whipple Creek Village Apartments at 2019 NE 179th Street in Ridgefield, Wa. in a deal that closed on April 30. Keith Hoffman, an executive vice president at Dwight, originated the loan on the 114-unit rental community, which is situated on 12.7 acres.