Dwight Capital has closed two HUD 223(f) refinance loans totaling $96MM for a pair of garden-style apartment communities in Corpus Christi, TX:

A $48.2 million loan financed La Joya by Azali, a 336-unit waterfront co millionunity comprising 14 three-story residential buildings and an amenity and leasing building completed in 2015. 

A $47.3 million loan financed Azali Heights (shown), a 312-unit community with 13 three-story residential buildings and an amenity and leasing building constructed in 2024. 

Both communities include one, two, and three-bedroom floor plans with private patios and balconies, as well as assortment of amenities including a business center, fitness center, pools and athletic courts and walking trails.

Proceeds from both loans were used to retire existing debt, fund property enhancements, cover closing costs, and establish replacement reserve accounts for future capital improvements. Notably, the retired debt at La Joya by Azali included a bridge loan. 

These transactions were originated by Andrew Tichy.

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