Dealmaker: Dwight Capital & Dwight Mortgage Trust Finance $96M

(Kinstone Columns Drive, Marietta, Ga.)

Dwight Capital, New York, and its affiliate REIT, Dwight Mortgage Trust, closed $96 million for properties in three states.

Dwight closed a $45 million HUD 223(f) loan for Kinstone Columns Drive, a 384-unit apartment community in Marietta, Ga. with 29 three-story buildings and three townhome buildings on 30-plus acres. The refinance benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is in the process of achieving a National Green Building Standard Bronze certification. Brandon Baksh and Karnveer Bal originated this transaction; the fourth loan Dwight has closed for borrower Walton Communities.

Dwight also provided a $38.3 million HUD 221(d)(4) New Construction loan for Villas at Bridgeville, a 152-unit proposed townhome community in Bridgeville, De. The property will consist of 34 townhome and duplex buildings and one building consisting of a clubhouse, pool house and leasing office on 23 acres. This loan also benefitted from a Green MIP reduction because the property will achieve NGBS Bronze certification. Dwight Vice President Daniel Malka and Jacob Gauptman originated this transaction, which is the tenth loan that Dwight has closed for Allen & Rocks, Inc.

Dwight Mortgage Trust closed a $12.7 million bridge loan for Pine Island Plaza, a 104,000-square-foot grocery-anchored shopping center with 21 tenants in Sunrise, Fla. Property tenants include National Supermarket, which recently committed to a long-term lease and is scheduled to open its doors this month.

“As the commercial real estate capital markets experience a liquidity crunch, Dwight Mortgage Trust is capitalizing on opportunities created in other asset classes,” said Ian Hawk, vice president at Dwight Mortgage Trust. “DMT views the financing of Pine Island Plaza as an opportunity to both diversify our market exposure and gain market share in other asset classes as we continue our growth trajectory in loan volume.”