Dwight Capital Refis South Florida Apartments With $67M HUD Loan

J.V.C. Management has sealed $67 million of U.S. Department of Housing and Urban Development-backed debt to refinance newly completed multifamily asset in Miami-Dade County, Commercial Observer has learned.

Dwight Capital supplied the HUD 223(f) loan for the 311-unit Emerald Bay property in Hialeah, Fla., that debuted in 2023. This transaction was originated by Elliot Haft and Jack Tawil. 

The refi was executed nearly four years after J.V.C, led by developer Juan Carlos Gonzalez secured a $67.1 million construction loan from Ocean Bank, as The Real Deal reported at the time. Loan proceeds were used to retire existing debt, established a replacement reserve for future capital improvements and unlock built-up equity, according to Dwight. 

“The asset demonstrated strong performance from day one, supported by an excellent and diligent sponsor,” Haft said in a statement.

Located at 4030 West 88th Street 20 miles northwest from Downtown Miami, Emerald Bay comprises seven buildings with one- to three-bedroom apartments. Community amenities include a clubhouse, swimming pool, a fitness center, coworking space, a playground, a dog park and walking trails.

J.V.C. Management did not immediately return a request for comment.

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