Dwight Refis Astoria Apartments With $54M HUD Loan

Tsilo Group has sealed $54 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance a newly built mixed-use apartment building in Astoria, Queens, Commercial Observer has learned.

Dwight Capital closed the HUD 223(f) loan for Amara, a 92-unit, six-story multifamily complex with 13,790 square feet of ground-floor retail space that debuted in 2024. The transaction was originated by Dwight’s Keith Hoffman and Jack Tawil. 

In addition to retiring existing debt, loan proceeds were used to establish a replacement reserve and return equity to the borrower, according to Dwight. The property received a 35-year real property tax exemption under the former 421a (16) Affordable Housing New York tax exemption program. 

“Amara’s strong sponsorship, high-quality design and prime location contributed significantly to a seamless HUD approval and underwriting experience,” Hoffman said in a statement. “The refinance has now positioned Amara with attractive, long-term, fixed-rate financing, providing stable permanent debt for the next 35 years.”

Located at 31-90 29th Street, Amara has studio, one-bedroom and two-bedroom apartments. Retail tenants include Spear Physical Therapy, the French Workshop café, pizzeria Freddy’s Since 1961 and the Wonder Astoria food hall. 

Demetri Tsilogiannis, principal of Tsilo Group, said in a statement that Dwight helped navigate a “complex” deal and would utilize Dwight again for a future transaction.

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