Josh Hoffman.
Josh Hoffman, 32
Managing Director at Dwight Capital
When brothers Adam and Josh Sasouness left Greystone seven and a half years ago, Josh Hoffman did too.
Hoffman, who had been originating and closing loans at Greystone, became instrumental in launching the Sasouness siblings’ Dwight Capital.
In its short history, Dwight has become one of the most active and prolific U.S. Department of Housing and Urban Development (HUD) lenders in the country. And, despite the pandemic, the company finished 2020 with $3.6 billion in real estate financing volume, Dwight’s best ever full year. Of those deals, Hoffman accounted for more than $752.7 million in closed loans.
Hoffman’s core duties include the origination of commercial and multifamily mortgages throughout the United States. His focus on identifying new opportunities for Dwight plays a key role in the expansion of the company’s reach and revenue generation.
The biggest deal of the NYU Stern School of Business graduate’s career closed in January 2020. It was a $74.4 million cash-out refinance for Stanley Kroenke and James Gordon’s 694-unit Baxter Crossings Apartments complex in Chesterfield, Mo. The deal marks the largest HUD 223(f) cash-out refinance in the state.
“The long-term holders were looking to put aggressive long-term financing on the property, and a HUD loan with Dwight Capital was the best approach for meeting their long-term goals and needs,” Hoffman said.
Also last year, Hoffman closed a $61 million HUD loan on Park Pacific, one of the largest mixed-use projects in downtown St. Louis. Dwight Capital had refinanced the existing HUD loan on the Lawrence Group’s property in 2017 and had been servicing it since.
Hoffman is bullish on the market.
“I expect that HUD volume will continue to be robust with the interest rate environment we’re in,” he said.
Year-to-date, Hoffman has closed $550 million in transactions. And Dwight is on pace to close $3 billion of multifamily HUD firm commitments for the department’s 2021 fiscal year.—L.E.S.
