Dealmaker: Dwight Capital, Dwight Mortgage Trust Close Multiple Deals

(The Shoreline, courtesy of Dwight Capital/Dwight Mortgage Trust)

Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, announced a number of deals in March.

For one, DMT provided $108 million in bridge financing for a luxury apartment complex in Brooklyn, N.Y.

Called The Shoreline, it features 248 units. The property will also benefit from a 421-a tax abatement under the Affordable Housing New York Program, which provides a 35-year reduction. The loan proceeds will be used to refinance existing debt and provide Solomon Rubin and Chesky Rosen, the borrowers, with capital as they finalize construction and lease-up activities.

DMT also funded a $59 million bridge loan for Solis at Petrosa, in Bend, Ore.

The apartment complex is newly built, with 260 units. The loan proceeds will be utilized to refinance the borrower’s existing construction debt and establish an operating reserve to support the lease-up process. McBride Capital brokered this transaction for Pahlisch Commercial.

And, Dwight closed a $30 million bridge refinance for a 140-unit apartment complex in Carson City, Nev.

The property is called The Marlette, and the loan proceeds will be used to refinance existing debt, cover final construction costs and fund an operating reserve to facilitate lease-up. Fident Capital brokered this transaction on behalf of Dwight’s client, Kingsbarn Realty Capital.