Dwight Capital & Dwight Mortgage Trust Finance Over $556MM in May 2022
Dwight Capital and its commercial mortgage REIT affiliate, Dwight Mortgage Trust, closed in excess of $556.4MM in real estate financings during May. Featured among Dwight's transactions are bridge loans for a multifamily portfolio located in Michigan and two multifamily properties located in Oregon.
Dwight provided a $154.84MM bridge acquisition loan for six garden-style apartment complexes located in Detroit, Lansing, and Grand Rapids, Michigan for NJ-based Valleytree Partners. The properties within the portfolio are Capitol Village Apartments, Carriage Hill Apartments, Carriage Park Apartments, Macomb Manor Apartments, Newburgh Square Apartments, and Northview Harbor Apartments. Community amenities across the portfolio include a fitness center, tennis court, basketball court, volleyball court, clubhouses, and barbecue areas.
The purpose of this bridge loan is to provide both acquisition financing and funding for capital improvements, including enhancing 50% of the units in the portfolio. Managing Principal Adam Sasouness originated the transaction, which was brokered by Marvin Jeremias of Crossmark Capital and Aaron Moll of Berkadia.
Managing Principal Josh Sasouness closed bridge loans for two properties in Oregon for the same sponsor, Marathon Management: a $59.1MM refinance for Willamette Estates and a $48MM refinance for Arris Apartments. Willamette Estates is a 358-unit garden-style apartment complex located in Salem, Oregon. The property was built in two phases in 2005 and 2011 and consists of 31 two- and three-story apartment buildings situated on 17.7 acres. The loan proceeds will be used towards capital improvements and refinancing existing debt.
Arris Apartments is a 152-unit mixed-use apartment community located in Portland, Oregon. The project was built in two phases in 2020 and 2021. One of the buildings includes 30 affordable residential units that are restricted to tenants earning no more than 80% of the area's median income. The property's amenities feature community lounges, fitness centers, leasing offices, and rooftop terraces with barbecues. The purpose of the bridge loan is to pay off existing construction debt and allow the sponsor to finish leasing up the property.
About Dwight Capital
Dwight Capital LLC is one of the largest commercial real estate finance companies in the United States. Our range of services includes commercial lending across a variety of platforms such as FHA/HUD, Bridge, and Mezzanine Financing as well as Preferred Equity for both stabilized and new-construction properties. Dwight Capital is also one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States and services in excess of $11 billion of commercial real estate loans.
For more information about Dwight Capital, please visit: www.dwightcapital.com
About Dwight Mortgage Trust
Dwight Mortgage Trust LLC ("DMT" or the "Fund") is an actively managed real estate investment trust specializing in the origination and financing of commercial mortgages across a range of real estate asset classes. DMT works in conjunction with affiliate firm Dwight Capital to source and evaluate lending opportunities nationwide. The Fund partners with experienced sponsors on projects in major markets, focusing on investments with a clearly defined exit strategy.
For more information about Dwight Mortgage Trust, please visit: www.dwightmortgagetrust.com