Dwight Capital Closes $96M in HUD 223(f) Loans for Two Corpus Christi Multifamily Communities
Dwight Capital has closed two HUD 223(f) refinance loans totaling $96 million for a pair of upscale garden-style apartment communities in Corpus Christi, Texas, owned by Azali Homes, the firm announced June 29, 2026.
Loan Details: Two Assets, Two Tranches
The financing was structured as two separate HUD 223(f) loans. A $48.2 million loan refinanced La Joya by Azali, a 336-unit waterfront community comprising 14 three-story residential buildings and a standalone amenity and leasing building completed in 2015. A $47.3 million loan refinanced Azali Heights, a 312-unit community with 13 three-story residential buildings and an amenity and leasing building constructed in 2024.
Both communities offer one-, two-, and three-bedroom floor plans with smart thermostats and private patios and balconies, along with shared amenities including a business center, fitness center, dog park, playground, and resort-style pools. La Joya by Azali additionally features a clubhouse with a demonstration kitchen, game and media room, and a BBQ and picnic area. Azali Heights offers walk-in closets, storage closets, a putting green, a walking track, and pickleball and basketball courts.
Use of Proceeds
Proceeds from both loans were used to retire existing debt, fund property enhancements, cover closing costs, and establish replacement reserve accounts for future capital improvements. The Azali Heights financing also allowed the borrower to draw on equity built since the initial construction loan.
The retired debt at La Joya by Azali included a bridge loan previously closed by Dwight Mortgage Trust, Dwight Capital's affiliated mortgage REIT.
Sponsor and Originator
The transactions were originated by Andrew Tichy on behalf of Azali Homes, described by Dwight Capital as a recurring client. Azali Homes is a multifamily developer and operator in South Texas.
Dwight Capital is a FHA/HUD multifamily and healthcare lender. Dwight Mortgage Trust, its affiliated mortgage REIT, originates and holds commercial mortgages. The retired bridge loan at La Joya by Azali had previously been closed by Dwight Mortgage Trust.