Dwight Capital has closed two HUD 223(f) refinance loans totaling $96 million for a pair of garden-style apartment communities in Corpus Christi, TX. The transactions provide long-term financing for La Joya by Azali and Azali Heights, both multifamily properties that recently operated with existing debt structures.
The first loan, totaling $48.2 million, refinanced La Joya by Azali, a 336-unit waterfront community. The property consists of 14 three-story residential buildings and a separate amenity and leasing building that was completed in 2015. The community offers one-, two-, and three-bedroom floor plans, each with private patios or balconies.
The second HUD 223(f) loan, at $47.3 million, refinanced Azali Heights, a 312-unit apartment community completed in 2024. Azali Heights is configured with 13 three-story residential buildings and an amenity and leasing building, mirroring the garden-style layout of its sister property. Like La Joya by Azali, Azali Heights provides a mix of one-, two-, and three-bedroom layouts with private outdoor spaces.
Both communities feature an amenity package that includes a business center, fitness center, swimming pools, athletic courts, and walking trails, targeting a range of resident needs and lifestyles. The shared amenity profiles and similar building designs position the assets as contemporary, institutionally sized multifamily communities within the Corpus Christi market.
Proceeds from the two refinancings were used to retire existing debt, fund property enhancements, pay closing costs, and establish replacement reserve accounts to support future capital improvements. The retired debt at La Joya by Azali included a bridge loan, which was taken out with the new HUD-insured permanent financing. This structure converts the property’s capital stack from short-term bridge debt to long-term, fixed-rate-oriented agency financing.
The loans were originated by Andrew Tichy, who led the execution on behalf of Dwight Capital. By utilizing the HUD 223(f) program for both assets, the sponsor secured refinancings that align the properties with longer-term capital and create a framework for ongoing reinvestment in the communities.
