LENDER OVERVIEW

2025 Lender Overview

Dwight Capital is one of the largest non-bank commercial real estate finance companies in the country — a New York-headquartered platform that operates two parallel lending engines simultaneously: a HUD-approved mortgage banking arm originating FHA-insured multifamily and healthcare loans, and Dwight Mortgage Trust, a balance-sheet bridge lending REIT that funds construction completions, value-add acquisitions, and refinancings that aren’t yet HUD-eligible. Dwight Capital was founded in 2014 by Adam and Josh Sasouness as an FHA/HUD approved lender focused on multifamily and healthcare mortgage origination. The firm’s ascent was rapid — within its second year of operations, Dwight Capital ranked as a top-five multifamily HUD lender nationwide, and by 2022 had reached the second-largest HUD multifamily lender position nationally for three consecutive years. The firm’s loan servicing portfolio now exceeds $14 billion across all affiliates, a figure that reflects both the scale of its HUD origination history and the accumulated bridge book held within Dwight Mortgage Trust. The 2025 dataset — 31 deals, $1.84 billion, 17 states — confirms Dwight Capital as one of the most active multifamily lenders in the country, operating at a velocity and geographic breadth that most CRE debt shops its size cannot match.

• Headquarters: New York, New York (787 11th Avenue, 10th Floor)
• Founded: 2014
• Ownership: Privately held (Dwight Capital LLC); affiliated REIT (Dwight Mortgage Trust LLC / Dwight Securities Management RIA)
• Primary Focus: HUD/FHA-insured multifamily and healthcare lending; balance-sheet bridge and construction lending via Dwight Mortgage Trust
• Typical Deal Size: ~$59.2M (Total Volume ÷ Total Deals)

Tale of the Tape

• Deals Logged: 31
• Volume Drafted: $1,835,600,000
• Primary Asset Focus: Multifamily (25) | Build-to-Rent (2) | Healthcare (2) | Mixed-Use (1)
• Most Common Loan Term: Bridge Loan (18 deals) | HUD 223(f) (7) | Not Disclosed / N/A (9) | HUD 221(d)(4) Construction (1) | HUD 241(a) — 90% LTC Nonrecourse (1)
• Primary Loan Type: Bridge Loan (18) | HUD-Backed Loan (9) | Non-HUD Construction (2) | Refinance / Other (2)
• Top States: New Jersey (4), New York (3), Texas (3), Colorado (3), Georgia (3), Florida (2)

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2025 PERFORMANCE SUMMARY

Dwight Capital logged 31 deals totaling $1,835,600,000 in verified capital deployed during the period covered — all as sole lender, no syndicate partners, no co-lenders except on two healthcare working capital components structured through Dwight Healthcare Funding alongside Dwight Mortgage Trust. That’s a remarkable origination pace for a private, non-bank CRE lender: roughly 2.5 deals per month across 31 weeks of active closings, spanning 17 states and five distinct loan programs. Dwight Capital isn’t dipping in and out of the multifamily market. It’s running a fully industrialized origination platform across two complementary lending vehicles simultaneously.

Deployment is back-half weighted but distributed across the full calendar year. July was the single busiest month at six deals — a pace that included three separate closings in the same week. August and October each produced four deals. February was the strongest early-year month at four closings, anchored by the $148M Jamaica, Queens construction loan and a three-deal week spanning two states. Dwight Capital shows no dead months in the dataset — every month from January through December produced at least one closing, which signals a mature origination pipeline that doesn’t depend on seasonal windows.

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DEAL FLOW ANALYSIS

• Deal Size Range: Deals run from $15,300,000 (HUD 223(f) refinance, St. Paul) to $230,000,000 (healthcare bridge acquisition, Ohio). Fourteen of thirty-one deals land between $35M and $55M — that’s the clear sweet spot and likely reflects the natural sizing of Dwight Capital’s standard multifamily bridge and HUD facilities. The four deals above $100M are all Dwight Mortgage Trust bridge transactions involving either large urban multifamily assets or healthcare portfolios.
• Geographic Focus: New Jersey leads with four deals — a concentration in suburban and mid-market multifamily that reflects the state’s persistent housing supply deficit. New York, Texas, Colorado, and Georgia each appear three times. Seventeen states total are represented across thirty-one deals. Dwight Capital’s geographic footprint is genuinely national, not a Sun Belt play or a coastal specialist — it closed deals in Iowa, Oklahoma, Minnesota, Nevada, and Washington in the same year it was active in New York and Florida.
• Industry Patterns: Multifamily dominates at twenty-five deals — the overwhelming core of Dwight Capital’s book. Two build-to-rent townhome communities add to the residential count. Healthcare appears in two deals: a Pennsylvania skilled nursing portfolio and an Ohio healthcare facility acquisition totaling $284.6M in combined gross facility size. The healthcare deals are Dwight Capital’s largest individually and represent a separate and growing product line, not an opportunistic departure from the core strategy.
• Loan Structures: Bridge loans lead at eighteen deals and account for approximately $1.245 billion of total volume — 67.8% of the book by dollars. HUD-backed facilities (223(f), 221(d)(4), 241(a)) account for nine deals and $380.1M. Non-HUD construction financing adds two more deals. The bridge-to-HUD pipeline is Dwight Capital’s most sophisticated structural insight — borrowers who close bridge loans with Dwight Mortgage Trust often refinance into HUD-backed permanent financing with Dwight Capital, keeping both the fee and the servicing relationship within the platform.
• Deal Purposes: Refinancing dominates at twenty deals — 64% of the book. Dwight Capital is predominantly a refinancing machine, transitioning stabilized or newly built assets from construction debt into permanent or bridge structures. Construction financing accounts for four deals, acquisition for four more. The healthcare deals add portfolio acquisition to the mix. One deal explicitly funds a second construction phase (HUD 241(a), Texas, Corinth), which is a supplemental loan program layered onto an existing HUD-insured property — a highly specialized instrument that signals Dwight Capital’s deep HUD program expertise.
• Specific Example: In July 2025, Dwight Capital originated a $230,000,000 bridge loan with a $12M working capital line for the acquisition of nineteen healthcare facilities across Ohio — 1,896 beds across Complete Care and LionStone Care properties — through Dwight Mortgage Trust and Dwight Healthcare Funding. The deal is the largest in the dataset, the only multi-property healthcare portfolio acquisition, and the only deal that deploys two Dwight Capital entities simultaneously in a single transaction structure. It demonstrates the full institutional depth of the Dwight Capital platform.
• Transaction Velocity: Dwight Capital averaged roughly 2.5 deals per month across the twelve-month period. July was the peak — six closings, including a three-deal week (July 3W: Iowa HUD, Colorado bridge, Minnesota HUD). No month produced zero closings. The $230M Ohio healthcare deal closed in July alongside five other deals, confirming that Dwight Capital’s pipeline management can handle multiple simultaneous large-ticket closings without compression.

Strategic Insight

Dwight Capital’s dual-entity model — Dwight Capital for HUD origination and Dwight Mortgage Trust for bridge lending — is more than a structural convenience. It’s a client retention flywheel. A developer builds a multifamily project and needs construction financing: Dwight Mortgage Trust funds the bridge. The project completes, stabilizes, and needs permanent financing: Dwight Capital originates the HUD 223(f). The borrower never leaves the platform. Looking at the 2025 dataset, this pipeline logic appears explicitly in at least three deal pairs: Hillpointe (Nov 3W bridge, June 2W HUD 223(f)), AMS Acquisitions (two bridge refinances in the same week), and the Colorado Springs pairings where both a bridge and an HUD deal closed in the same metro area. The platform is designed to capture every stage of the multifamily capital lifecycle — construction, stabilization, and permanent financing — and the deal data confirms it’s functioning as designed.

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IDEAL BORROWER PROFILE

The ideal borrower for Dwight Capital, based on verified 2025 activity, is a multifamily or healthcare real estate developer or investor with a newly built or recently stabilized asset — or a portfolio of assets — that needs either a bridge to permanent financing or direct HUD-insured placement, and whose property quality and stabilization timeline qualify for FHA/HUD programs.

• Deal Size Range: $15,300,000 to $230,000,000 (sweet spot: $35M–$55M)
• Industries / Asset Types: Multifamily (25), build-to-rent (2), healthcare/skilled nursing (2), mixed-use with ground-floor retail (multiple as secondary component)
• Geography: National — 17 states; active across Sun Belt (FL, TX, GA, NC), Mid-Atlantic (NJ, PA), Northeast (NY), Midwest (OH, MN, IA, MI), Mountain (CO, NV), Pacific (CA, WA), Southwest (OK)
• Asset Types: Multifamily residential, build-to-rent townhomes, healthcare facilities (skilled nursing, assisted living), mixed-use
• Use Cases: Refinancing newly completed or existing multifamily debt, construction financing, acquisition financing, bridge-to-HUD transitions, healthcare portfolio acquisitions
• Loan Types: Bridge loan (Dwight Mortgage Trust), HUD 223(f) refinance, HUD 221(d)(4) construction, HUD 241(a) supplemental, non-HUD construction, acquisition bridge, working capital line (Dwight Healthcare Funding)

Competitive Positioning Insight

Dwight Capital has built the most complete vertical integration in multifamily CRE lending available outside of a bank balance sheet. The bridge arm (Dwight Mortgage Trust) feeds the HUD arm (Dwight Capital), which generates long-duration servicing income that funds the next origination cycle. No other non-bank CRE lender in this dataset operates a comparable closed-loop structure — most bridge lenders source exits to third-party HUD shops, and most HUD lenders don’t hold construction-period risk. Dwight Capital does both, on its own balance sheet, across every multifamily deal stage. For a developer who plans to own and operate long-term, that means fewer lender transitions, fewer closing costs, and a single relationship team from groundbreak to permanent financing. That’s a structural pricing and service advantage that most competitors simply cannot replicate without replicating the entire platform.

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STRATEGIC INTELLIGENCE BY AUDIENCE

FOR BORROWERS

• Bridge-to-HUD Pipeline Advantage: Dwight Capital’s bridge lending arm and HUD origination arm are designed to work in sequence. At least three borrowers in the 2025 dataset appear to have used Dwight Mortgage Trust for a bridge facility and Dwight Capital for subsequent HUD placement on related assets. Staying within the platform for both stages reduces execution risk and eliminates the need to re-introduce a new lender to your deal at the HUD application stage.
• Action: When you close a Dwight Mortgage Trust bridge loan on a newly completed asset, immediately begin the HUD 223(f) application process — don’t wait for full stabilization. Dwight Capital’s internal familiarity with your property, sponsor history, and market will compress the HUD underwriting timeline versus starting fresh with a new lender. That time compression has real carry cost value.
• Timing: Target your HUD application submission for late Q1 or Q2. Dwight Capital’s HUD closing activity is distributed across the full year, but June, July, and August represent the most active HUD closing window in the 2025 data. Submitting in February or March positions your deal to close in that window before the Q3 surge compresses capacity.

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FOR BROKERS

• Healthcare as a Growth Product Line: Two of Dwight Capital’s largest deals in the 2025 dataset are healthcare facility acquisitions — the $230M Ohio portfolio and the $54.6M Pennsylvania skilled nursing portfolio — totaling $284.6M across 2,821 beds. Healthcare represents less than 10% of deal count but over 15% of total dollar volume. Dwight Capital has a dedicated healthcare lending team and a specific working capital product (Dwight Healthcare Funding) that no pure multifamily shop offers.
• Action: If you have healthcare operator clients — skilled nursing, assisted living, long-term care — Dwight Capital belongs on your lender shortlist alongside traditional healthcare debt shops. Their combined acquisition bridge plus working capital line structure (as deployed in Ohio and Pennsylvania) is a single-lender solution that most healthcare lenders can’t replicate. Lead with that product differentiation explicitly.
• Strategy: Dwight Capital’s internal originator team (Brandon Baksh, Josh Hoffman, Jonathan Pomper, David Scheer, and others appear repeatedly across deals) is active and relationship-driven. When Dwight Capital closes a deal, the deal typically lists internal originators by name — that tells you these are people who can be reached directly for submissions. Build direct relationships with the named originators in your target geography before sending blind submissions to the main channel.

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FOR RIVAL LENDERS

• Bridge Book Concentration Risk: Eighteen of thirty-one Dwight Capital deals are bridge loans, representing approximately $1.245 billion of the $1.84 billion book — 67.8% of total volume in short-duration, floating-rate, construction-completion risk. If interest rate volatility continues or multifamily cap rates compress further, the bridge book is where Dwight Capital’s portfolio faces the most correlated stress. Newly completed assets across multiple markets with reserves burning down and HUD applications pending are vulnerable to lease-up delays.
• Action: Target Dwight Mortgage Trust bridge borrowers who are twelve to eighteen months into their bridge term with slower-than-projected stabilization. Those are the assets where Dwight Capital’s HUD exit may be delayed, the interest reserve may be depleting, and a competing refinancing offer — even at a modest rate premium — may be welcomed by a sponsor looking for additional time or a modified structure.
• Defense: Dwight Capital’s HUD servicing portfolio exceeds $14 billion — a moat built over a decade of top-two national HUD lender rankings. Competing against Dwight Capital on a HUD 223(f) placement means competing against a firm that has closed hundreds of these loans and has established HUD processing relationships that reduce timeline uncertainty. Don’t compete on the HUD side. Compete on the bridge side — where Dwight Mortgage Trust is raising capital and holding balance-sheet risk, and where speed, structure flexibility, and sponsor relationships can differentiate a competing offer.

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FOR ANALYSTS & FUNDS

• Multifamily Supply Signal Across 17 States: Dwight Capital’s 31-deal, 17-state origination footprint in a single year is a ground-level proxy for new multifamily supply delivery across secondary and tertiary U.S. markets. The dataset reveals deliveries in markets like Bettendorf (Iowa), Corinth (Texas), Belleville (Michigan), and Tulsa (Oklahoma) — markets rarely covered in institutional CRE research but where new supply is meaningfully affecting local rent growth and vacancy dynamics.
• Observation: The high concentration of bridge-to-HUD transitions in the 2025 book signals that newly completed multifamily assets across these markets are stabilizing — or attempting to stabilize — on compressed timelines. A lender running this volume of bridge-to-permanent transitions is observing lease-up velocity, effective rent achievement, and occupancy trajectories across a nationally diversified sample in real time. Dwight Capital’s HUD application pipeline is one of the best available leading indicators of multifamily stabilization pace in secondary markets that institutional cap rate data doesn’t capture.
• Strategy: For funds with multifamily exposure in secondary Sun Belt and Midwest markets — Texas, Georgia, Colorado, Ohio — Dwight Capital’s origination footprint maps directly onto the markets where new supply is landing. Monitor Dwight Capital’s HUD closing volume in specific metros as a proxy for supply absorption. A surge in HUD 223(f) applications in a given market (signaling successful stabilization) is a positive signal for rent stabilization. A slowdown — or a rise in bridge extension activity — signals lease-up stress before it appears in REIS or CoStar data.