Omega Real Estate Management Group has achieved a significant milestone by securing the largest U.S. Department of Housing and Urban Development (HUD) loan ever issued in Florida. The substantial $130 million loan, originated by Dwight Capital, will refinance The Gardens Residences, a newly constructed 358-unit luxury apartment community located in downtown North Miami. This landmark transaction also represents the largest multifamily loan approved by HUD’s Southeast Region Office and the biggest HUD loan in Dwight Capital’s history.
Key Takeaways
- Omega Real Estate Management Group secured Florida’s largest HUD loan at $130 million.
- The loan refinances The Gardens Residences, a 358-unit luxury community in North Miami.
- This is the largest multifamily loan from HUD’s Southeast Region Office and Dwight Capital’s largest HUD loan.
- The 35-year, fixed-rate loan retires existing debt and returns equity to the borrower.
A Landmark Refinancing Deal
The 35-year, fixed-rate loan is designed to retire existing debt on The Gardens Residences and provide equity back to the borrower. Previously, the property, which came online in 2024, was financed by a $104 million bridge loan from Dwight Mortgage Trust that was set to mature in August. This new HUD loan provides long-term financial stability for the luxury community.
The Gardens Residences: A Premier Living Experience
Located at 1155 NE 126th St., The Gardens Residences offers residents a prime location with convenient access to a variety of dining and retail options, including the nearby Shoppes at Arch Creek shopping center. Downtown Miami and Miami International Airport are also within a short 13-mile radius, enhancing connectivity for residents.
The nine-story building features a diverse unit mix, including studio, one-, two-, and three-bedroom floorplans ranging from 511 to 1,447 square feet. Additionally, the property includes 1,100 square feet of retail space. A notable aspect of the community is its commitment to affordability, with 38 units designated for households earning up to 120 percent of the area median income.
Residents can enjoy a host of upscale amenities, such as private balconies or patios in select apartments, a fitness center, swimming pool and spa, clubhouse, outdoor yoga space, and a coffee bar. The community also boasts multiple social gathering areas, a barbecue deck, a recovery room, and guest room suites, catering to a modern lifestyle.
Dwight Capital’s Growing Portfolio
Dwight Capital Managing Director Keith Hoffman and Originator Aaron Kirshtein were instrumental in originating this significant loan on behalf of Omega Real Estate Management Group. Dwight Capital’s loan servicing portfolio is extensive, exceeding $15 billion across its various affiliates and services, which include commercial lending, HUD-insured loans, C-PACE financing, and preferred equity.
This recent transaction underscores Dwight Capital’s active role in the multifamily lending sector. In February, an affiliate of the company provided a $60 million loan for a condominium project in Miami and a $52 million refinancing loan for a California community.