Dwight Capital, one of the nation’s largest private commercial real estate lenders, has purchased Love Funding.
The deal makes Dwight Capital the largest dedicated Federal Housing Administration (FHA)/Department of Housing and Urban Development (HUD) multifamily and health care financing firm in the nation, according to company leaders.
Love Funding, the HUD lending subsidiary of Midland States Bank, will be rebranded and integrated within Dwight Capital. Midland will retain the existing Love Funding servicing portfolio of approximately $3.9 billion.
In a statement, Midland said the transaction is part of its “ongoing effort to enhance efficiency and reduce volatility in its financial performance.”
Transactions in Love Funding’s pipeline will continue to be managed and overseen by Love Funding and Dwight Capital pursuant to the transition rules of FHA, reported Midland officials.
Headquartered in New York City, Dwight Capital is a full-service mortgage banking firm. Its services include commercial lending across a variety of platforms such as a FHA/HUD, bridge, and mezzanine financing.
The firm is one of the largest FHA/HUD lenders for multifamily and health care properties and services in excess of $5 billion of commercial real estate loans.
In May, the company announced that it obtained over $1 billion in FHA multifamily commitments through the first half of HUD’s fiscal year. During the six-month period, ending in March, it received commitments totaling over $676.7 million Section 223(f) loans, $322 million in Section 223(a)(7) loans, $48.6 million in Section 221(d)(4) loans, and $18.1 million in Section 241(a) loans.
“Our clients appreciate our dedicated attention and white-glove service that is synonymous with Dwight Capital, and our financing volume has increased exponentially as a result. It was therefore imperative that we take action to rapidly grow our personnel with a group of the highest caliber, so that our quality and service continue to excel as we grow,” stated Adam Sasouness, co-CEO of Dwight Capital.
“The Love Funding team is and has been well-respected in the FHA/HUD lending industry for decades, which is why we felt they would be a seamless fit within Dwight. This acquisition is a demonstration of Dwight’s commitment to build and maintain a HUD financing team that is unmatched in the industry.”
Headquartered in Washington, D.C., Love Funding has had a strong presence in the affordable housing arena as a leading HUD lender. It’s also active in financing market-rate multifamily and seniors housing as well as health care facilities.
“Our growth is also a direct result of our collaboration with the incredible team at HUD,” said Josh Sasouness, co-CEO of Dwight Capital. “We are grateful to HUD for their ongoing partnership with us, and their willingness to continuously adapt their policies to match housing needs across the country.”
