Dwight Capital Refis South Florida Apartments With $46M HUD Loan

The CaraCo Group of Companies has sealed $45.8 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance a newly built multifamily asset in Florida’s Broward County, Commercial Observer has learned.

Dwight Capital closed the HUD 223(f) refinance for Arcadia, a 212-unit apartment community in Tamarac, Fla., completed in 2023. In addition to retiring existing debt, loan proceeds will also establish a replacement reserve account for capital improvements.

The agency loan was originated by Dwight’s Josh Hoffman and Jeremy Packer. 

“The loan strengthens Dwight’s presence in the South Florida market and our partnership with the Southeast HUD office,” Hoffman said in a statement. 

Located at 8601 West McNabb Road, 15 miles northwest of Fort Lauderdale, Arcadia has amenities that include a saltwater pool, a fitness center, a yoga studio, coworking space, a game room and a sun deck courtyard with cabanas. The property has earned a GreenPoint Rated existing home gold certification for sustainability features, according to Dwight. 

CaraCo Group acquired the development (formerly called Eden West) for $73 million in late 2023 from a joint venture between Eden Multifamily and Cypress Equity Investments, CO previously reported. The Deerfield Beach-based developer landed a $50 million acquisition loan from Sound Point Capital Management to facilitate the purchase. 

Officials at CaraCo Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.