Dealmaker: Dwight Capital, Dwight Mortgage Trust Announce Transactions in Michigan, California

(Southgate Apartments, courtesy of Dwight Mortgage Trust)

Dwight Capital, New York, and its affiliate REIT, Dwight Mortgage Trust, announced two recent transactions in Michigan and California.

Dwight Mortgage Trust closed a $51.3 million bridge refinance for an apartment complex in Southgate, Mich.

The loan proceeds will retire existing debt and finance community improvements. Managing Director David Scheer originated this transaction for Pepper Pike Capital Partners.

The property, called Southgate Apartments, includes 12 multi-story buildings with 624 units.

Additionally, Dwight Capital provided a $21.6 million HUD 223(f) loan for a community in West Sacramento, Calif.

Proceeds from the loan will be used to retire existing debt and fund property improvements for Tesseract Capital Group.

The loan also benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points, as the complex holds National Green Building Standard Bronze certification.

The property, called Meadowbrook Apartments, is a newly renovated 92-unit complex featuring 10 two-story residential buildings.