MIAMI, August 23, 2025
News Summary
A series of real estate financings totaling $569 million closed, led by a $110 million bridge take-out for a newly built 277-unit mixed-use development in Charleston and two 35-year fixed-rate HUD 223(f) refinances: $49.7 million for Elements Apartments in Santa Maria, CA (167 units) and $48.3 million for The Plaza at Pikes Peak in Colorado Springs, CO (215 units). The HUD loans provide long-term capital stability and GreenPoint Rated Silver certifications were noted. Proceeds will refinance construction and existing debt, fund reserves and transaction costs. The financing platform highlighted a broad lending and servicing portfolio and recent seniors housing activity.
July Financings Total $569 Million for Multifamily and Mixed-Use Projects
A group of real estate financings totaling $569 million closed in July, led by a $110 million bridge for a newly built Charleston, South Carolina development and two long-term, fixed-rate HUD loans for apartment communities in California and Colorado. The transactions were arranged and funded by a commercial real estate finance firm and its affiliate mortgage trust based in Miami.
Top-line details
The largest single transaction in the July package was a $110 million construction take-out and bridge loan that refinances construction debt and covers remaining building costs, transaction fees, and completion expenses for a 277-unit mixed-use development in Charleston called LC Line and Low. In addition, the July closings included two 35-year fixed-rate HUD 223(f) loans: $49.7 million for Elements Apartments in Santa Maria, California, and $48.3 million for The Plaza at Pikes Peak in Colorado Springs, Colorado.
LC Line and Low — Charleston, SC
The LC Line and Low complex is a newly completed mixed-use property with 277 units. The development includes a main residential building, a Train Shed that features loft-style apartments, and a set of historic-style Enclave Single Homes with private courtyards. The site also contains seven retail suites totaling 15,000 square feet and several on-site food and beverage operators. Loan proceeds from the $110 million bridge will refinance the existing construction loan, pay transaction costs, and finance the remaining construction work.
Elements Apartments — Santa Maria, CA
The July financings included a $49.7 million HUD 223(f) refinance for Elements Apartments, a 167-unit multifamily community that was completed in 2023. The property offers two commercial spaces and a range of resident amenities such as a rooftop sun deck, fitness center, dog park, and picnic area with grilling stations. Elements carries a GreenPoint Rated New Home Silver certification. Loan proceeds will pay off existing debt, cover closing costs, and establish a replacement reserve for future capital needs.
The Plaza at Pikes Peak — Colorado Springs, CO
A $48.3 million 35-year fixed-rate HUD 223(f) loan financed The Plaza at Pikes Peak, a 215-unit community delivered in 2022. The property holds a GreenPoint Rated Silver designation for existing multifamily housing. The long-term HUD product provides a stable, fixed-rate structure intended to support sustained ownership and capital planning.
Deal teams and sponsors
The Charleston bridge transaction was originated on behalf of the sponsor by three originators. The Elements refinance was originated for its borrowing group by two originators with another industry group acting as borrower representative, while the Plaza at Pikes Peak loan was brought by a separate pair of originators on behalf of its borrowing partners. These transactions reflect coordinated originations across construction, bridge and HUD lending platforms.
Why these loans matter
The mix of a large bridge take-out for a new mixed-use development and long-term HUD refinancings for stabilized multifamily assets highlights active capital flow across development and rental housing sectors. The bridge loan supports project completion and conversion from construction to stabilized operations, while the HUD 223(f) loans provide long-term, fixed-rate financing that can free sponsors to focus on property operations and capital planning.
Related activity and broader context
In a separate quarter, the same mortgage trust and its affiliate closed a larger set of seniors housing financings totaling $650.7 million, including sizable bridge loans supporting assisted living and skilled nursing portfolios in multiple states. The firm also maintains an active loan servicing portfolio that exceeds $13 billion, and offers an array of products including balance-sheet bridge and new construction loans, FHA/HUD insured products, C-PACE financing, mezzanine loans, and preferred equity.
Office leasing and corporate moves
Separately reported activity shows the lender signed a long-term office lease to relocate its local headquarters into a mixed-use development in Bay Harbor Islands, marking a second South Florida move during the year. That lease contributes to pre-leasing activity for the new development’s office component and reflects broader corporate shifts toward South Florida operations.
What to watch next
- Monitoring how the bridge loan supports final deliveries and leasing at LC Line and Low.
- Tracking post-closing performance and reserve funding at the HUD-funded multifamily assets.
- Observing further originations that tie bridge-to-stabilization financing with HUD syndications across regional markets.
FAQ
What is a HUD 223(f) loan?
A HUD 223(f) loan is a long-term, fixed-rate mortgage insured by a federal housing agency, commonly used to refinance or acquire stabilized multifamily properties. These loans typically have terms up to 35 years and aim to provide predictable debt service and support for capital planning.
What is a bridge or construction take-out loan?
A bridge loan is short- to medium-term financing used to cover construction costs or to refinance construction debt until a longer-term financing product is put in place. A construction take-out loan replaces the construction lender and funds remaining project completion needs.
How were the loan proceeds used in these transactions?
Proceeds were used to refinance existing construction debt at the Charleston mixed-use project, pay off existing debt at the two HUD-financed apartment communities, cover closing and transaction costs, and to establish replacement reserves for future capital improvements where applicable.
What certifications do the financed properties hold?
Elements Apartments holds a GreenPoint Rated New Home Silver certification. The Plaza at Pikes Peak carries a GreenPoint Rated Silver rating for existing multifamily housing.
Where can I find more information about these financing products?
Information on loan programs such as HUD 223(f) and bridge financing is available through mortgage lenders and the relevant federal housing agency websites. For transaction-specific details, originator and borrower disclosures typically appear in company filings and property closing notices.
Key Loan Features at a Glance
| Property | Location | Units | Loan Type | Loan Amount | Use of Proceeds | Certification / Year |
|---|---|---|---|---|---|---|
| LC Line and Low | Charleston, SC | 277 | Construction take-out / Bridge | $110,000,000 | Refinance construction debt, transaction costs, remaining construction | Newly constructed (2024–2025 delivery) |
| Elements Apartments | Santa Maria, CA | 167 | HUD 223(f) — 35-year fixed | $49,700,000 | Pay off debt, closing costs, replacement reserve | GreenPoint Rated New Home Silver; completed 2023 |
| The Plaza at Pikes Peak | Colorado Springs, CO | 215 | HUD 223(f) — 35-year fixed | $48,300,000 | Refinance / long-term fixed financing for stabilized asset | GreenPoint Rated Silver; delivered 2022 |
Deeper Dive: News & Info About This Topic
Additional Resources
- Business Wire: Dwight Capital — July 2025 financings ($569M)
- Wikipedia: Dwight Capital
- Business Wire: Dwight Capital — May 2025 financings ($475.5M)
- Google Search: Dwight Mortgage Trust May 2025 financing
- Business Wire: Dwight Capital — Seniors Housing Q2 2025 ($650.7M)
- Google Scholar: seniors housing financing 2025 Dwight Capital
- McKnight’s Senior Living: Dwight Capital closes $390M long-term care financing
- Encyclopedia Britannica: long-term care financing
- Commercial Observer: Dwight Capital lease at Terra — The Well, Bay Harbor Islands
- Google News: Dwight Capital Bay Harbor Islands