Dealmaker: Dwight Mortgage Trust Closes Loans in California, Texas

(La Joya by Azali, courtesy of Dwight Mortgage Trust)

Dwight Mortgage Trust, New York, closed a $48 million construction loan for a mixed-use multifamily development in San Diego, and a $36 million bridge loan to refinance a waterfront apartment community in Corpus Christi, Texas.

The San Diego development–GH 25–is a 114-unit multifamily property with eight stories. In addition to studio, one- and two-bedroom apartments, there will be 3,250 square feet of ground-floor retail/commercial space and various amenities.

The loan will be used alongside sponsor equity to fund construction, establish an interest reserve and cover transaction costs for the borrowers, Lawrence Howard and Dan Meeh of CAST Development.

The Corpus Christi loan is to refinance La Joya by Azali, which has 336 units in 14 three-story residential buildings. The complex offers a mix of one, two- and three-bedroom units and a variety of amenities.

Loan proceeds will be used to retire existing debt, cover transaction costs and fund reserves on behalf of the borrower, Alex Azali of Azali Homes.