NEW YORK–(BUSINESS WIRE)–June 13, 2022–
Dwight Capital and its affiliate Commercial Mortgage REIT, Dwight Mortgage Trust, closed over $556.4 million in real estate financings in May. Among Dwight’s transactions are bridge loans for a multifamily portfolio located in Michigan and two multifamily properties located in Oregon.
Dwight provided a $154.84 million acquisition bridge loan for six garden-style apartment complexes located in Detroit, Lansing and Grand Rapids, Michigan for New Jersey-based Valleytree Partners. Properties in the portfolio are Capitol Village Apartments, Carriage Hill Apartments, Carriage Park Apartments, Macomb Manor Apartments, Newburgh Square Apartments and Northview Harbor Apartments. Community amenities in the portfolio include a fitness center, tennis court, basketball court, volleyball court, pavilions and barbecue areas.
The purpose of this bridge loan is to provide both acquisition financing and financing for capital improvements, including improving 50% of the units in the portfolio. General director Adam Sasouness is behind the transaction, which was brokered by Marvin Jeremias of Crossmark Capital and Aaron Moll of Berkadia.
General director Josh Sasouness bridge loans closed for two properties in Oregon for the same sponsor, Marathon Management: a refinancing of $59.1 million for Willamette Estates and a refinancing of $48 million 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 located on 17.7 acres. Proceeds from the loan will be used to improve capital assets and refinance 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 reserved for tenants earning no more than 80% of the region’s median income. Property amenities include community lounges, fitness centers, rental offices, and rooftop terraces with barbecue grills. The purpose of the bridge loan is to pay off existing construction debt and allow the sponsor to complete the rental of the property.
About Dwight Capital
Dwight Capital LLC is one of the largest commercial real estate finance companies in the United States. Our suite of services includes commercial loans on a variety of platforms such as FHA/HUD, Bridge and Mezzanine financing as well as preferred stock for stabilized properties and new construction. Dwight Capital is also one of the largest FHA/HUD lenders for multifamily and healthcare properties in the United States and services over $11 billion in 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 originating and funding commercial mortgage loans across a range of real estate asset classes. DMT works with affiliate Dwight Capital to find 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
Show source version on businesswire.com:https://www.businesswire.com/news/home/20220613005212/en/
For media inquiries, please contact: Lindsay Morrison, [email protected]
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
SECTOR KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE FINANCE URBAN DEVELOPMENT BANKING FCI PROFESSIONAL SERVICES OTHER CONSTRUCTION & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Dwight Capital
Copyright BusinessWire 2022.
PUBLISHED: 06/13/2022 10:06 AM/DISC: 06/13/2022 10:06 AM