HIALEAH, FLA. — Dwight Capital has provided a $67 million HUD 223(f) loan for Emerald Bay, a 311-unit apartment community located in Hialeah, a suburb of Miami. The loan proceeds were used to retire existing debt, cover closing costs, fund a replacement reserve for future capital improvements and unlock equity built up through construction and lease-up. Elliot Haft and Jack Tawil of Dwight Capital arranged the loan on behalf of the borrower, JVC Management.
Completed in 2023, Emerald Bay spans seven residential buildings and comprises one-, two- and three-bedroom floorplans that range in size from 766 to 1,537 square feet, according to Apartments.com. Amenities at the complex include a swimming pool, fitness center, coworking space, clubhouse/leasing office, playground, dog park, outdoor common areas, courtyards and walking trails.