Dwight Capital & Dwight Mortgage Trust Finance $357.4MM in May 2024
June 20 2024 - 10:03AM
Business Wire
In May, Dwight Capital and its affiliate REIT, Dwight Mortgage
Trust (DMT), closed $357.4 million in real estate financings.
Notable transactions included a bridge loan for a portfolio of ten
skilled nursing facilities, a bridge refinance for Elements at
Saratoga Lake, and a HUD loan for Residences at Town Square.
DMT financed a $142 million bridge acquisition loan for a
portfolio of ten skilled nursing facilities located in prime urban
areas surrounding Atlanta, GA; Memphis, TN; Mobile, AL; and
Shreveport, LA. The properties include Bell Minor Home, Cambridge
Post Acute Care Center, Nurse Care of Buckhead, Riverside Health
Care Center, Rockdale Healthcare Center, Westminster Commons,
Millington Healthcare Center, Parkway Health and Rehabilitation
Center, Kensington Health and Rehabilitation, and Highland Place
Rehabilitation and Nursing. Collectively these facilities total
1,371 beds. Adam Offman, Managing Director of Healthcare Finance,
originated this loan for recurring Dwight clients.
DMT also provided $67.5 million in bridge financing for Elements
at Saratoga Lake, a 260-unit luxury townhome apartment complex in
Saratoga Springs, NY. Located just 2.5 miles from Saratoga Lake,
the property was developed in two phases: Phase I was completed in
February, with Phase II scheduled for delivery in July. Upon
completion, the property will encompass 26 two-story residential
buildings and a clubhouse, which boasts an array of amenities,
including an indoor/outdoor pool, fitness center, golf simulator,
pickleball court, and yoga studio. Residents of the townhomes enjoy
attached garages, in-unit washer/dryers, walk-in closets, and other
high-end finishes, establishing Elements at Saratoga Lake as the
premier Class-A development in the Saratoga market.
The loan proceeds will be utilized to refinance existing debt
and supplement construction expenses. Dwight Managing Director
David Scheer, alongside Joshua Klein, originated this transaction
on behalf of the sponsors, Zach Dorrough and Dr. Dave Kwiat of Blue
Iron Development.
Dwight closed a $58.6 million HUD 223(f) loan for Residences at
Town Square, a mixed-use apartment complex in Amarillo, TX,
consisting of 480 residential units and 121,360 SF of ground-floor
commercial spaces. The property comprises four five-story apartment
buildings and an attached leasing office/business center spread
across 32 acres. Residences at Town Square’s commercial units
feature a variety of tenants, including a dental office, nail bar,
spa, retail stores, and restaurants.
Proceeds from the loan will be utilized to retire existing debt
from a $60 million bridge loan that DMT provided in July 2021 and
fund energy-efficient enhancements. The loan also qualified for a
Green Mortgage Insurance Premium (MIP) reduction to 25 basis points
due to the property being set to achieve a National Green Building
Standard (NGBS) Bronze certification. Dwight Vice President Daniel
Malka originated this transaction for a recurring Dwight client,
Williams Group, with Daniel Hartnett of Greysteel serving as the
correspondent. This financing underscores Dwight Capital’s ongoing
commitment to supporting sustainable and energy-efficient
developments.
About Dwight Capital
Dwight Capital LLC is a leading commercial real estate finance
company in the United States, with a loan servicing portfolio
exceeding $12 billion. Our services encompass a wide range of
commercial lending options, including Balance-Sheet Bridge &
New Construction Loans, FHA/HUD Insured Loans, PACE Financing,
Mezzanine Financing, and Preferred Equity.
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
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