Dwight Capital Provides $130M Refi for North Miami Apartments

Omega Real Estate Management has sealed $130 million of agency-backed debt to refinance a newly completed multifamily property in North Miami, Commercial Observer has learned.

Dwight Capital closed the cash-out Department of Housing and Urban Development (HUD) 223(f) loan for the developer’s nine-story the Gardens Residences development that debuted in 2024. The transaction, which was originated by Dwight’s Keith Hoffman and Aaron Kirshtein, marks the largest HUD loan ever executed in Florida, according to the private lender. 

The refi retired an existing bridge loan provided by Dwight Mortgage Trust, an affiliate of Dwight Capital, while also providing new long-term debt with a 35-year, “fully amortizing” fixed-rate loan.

Located at 1155 NE 126th Street, 11 miles north of Downtown Miami, the 358-unit project benefited from a tax abatement under the Florida Live Local Act since the apartments are restricted to tenants earning 80 percent to 120 percent of area median income. Community amenities include a swimming pool, a spa, a fitness center, a yoga lawn, a pet spa, grilling area and lounges.

 “Successfully closing this record-setting HUD loan is a strong endorsement of Gardens Residences and a clear reflection of Florida’s strength as one of the nation’s most dynamic multifamily markets,” said Sebastien Scemla, Omega’s CEO and managing partner, who runs the development firm with John Lago and Shawn Chemtov. “Omega led the project through every phase from acquisition, development, lease-up, operations and the final refinance, ensuring consistent execution from start to finish.”

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