Dwight Capital has closed a $130 million cash-out HUD 223(f) refinance for The Gardens Residences, a 358-unit luxury high-rise apartment building in the heart of Downtown North Miami, Florida. The loan proceeds will be used to retire an existing Dwight Mortgage Trust bridge loan, return equity to the borrower and provide a 35-year, fully amortizing, fixed-rate loan.
Dwight says the transaction is the largest HUD loan ever closed in Florida and the largest multifamily loan approved by HUD’s Southeast Region Office, which oversees lending across 10 states. Dwight’s Keith Hoffman and Aaron Kirshtein originated this refinance on behalf of Omega Real Estate Management Group, the borrowers.Â
The nine-story community sits on 4 acres, with a portion of the 358 units reserved for tenants earning 80-120% of AMI, allowing The Gardens Residences to benefit from a tax abatement under the Florida Live Local Act. Completed in 2024, the property features a swimming pool and spa, a fitness center, a yoga lawn, a pet spa, a grilling area, and lounges.Â
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