Dwight Capital has purchased Love Funding, the HUD lending subsidiary of Midland States Bank, Commercial Observer has learned.
The acquisition makes Dwight Capital the largest dedicated FHA/HUD multifamily and healthcare financing firm in the U.S.
Love Funding’s existing servicing portfolio — which totals around $3.4 billion — will be retained by Midland States Bank.
“Our clients appreciate our dedicated attention and white-glove service that is synonymous with Dwight Capital, and our financing volume has increased exponentially as a result,” Adam Sasouness, Co-CEO of Dwight Capital, said. “It was therefore imperative that we take action to rapidly grow our personnel with a group of the highest caliber, so that our quality and service continue to excel as we grow.”
Washington, D.C.-headquartered Love Funding offers refinance, acquisition, construction, rehabilitation and bridge financing programs for market-rate multifamily and affordable housing, seniors housing and healthcare facilities and hospitals.
“The Love Funding team is and has been well-respected in the FHA/HUD lending industry for decades, which is why we felt they would be a seamless fit within Dwight,” Adam Sasouness continued. “This acquisition is a demonstration of Dwight’s commitment to build and maintain a HUD financing team that is unmatched in the industry.”
Dwight Capital has been actively lending through the COVID-19 pandemic. Only last month the firm provided a $28 million HUD loan for an Alabama apartment community and a $42.3 million HUD loan for an apartment complex in Bellingham, Wash.
“Our growth is also a direct result of our collaboration with the incredible team at HUD,” Josh Sasouness, Co-CEO of Dwight Capital, said. “We are grateful to HUD for their ongoing partnership with us, and their willingness to continuously adapt their policies to match housing needs across the country.”