Dealmaker: Dwight Capital, DMT Finance More Than $260M in November
(Integra Isles rendering, courtesy of Dwight)
Dwight Capital, New York, and its affiliate REIT, Dwight Mortgage Trust, closed a number of transactions in November.
Dwight Capital closed a $51.8 million HUD 221(d)(4) construction loan for the development of an apartment community in Leesburg, Fla. Called Integra Isles, it will include 264 units across 11 buildings.
The loan proceeds will fund both construction and permanent financing for the developer, Integra Land Co. The project qualifies for a reduced Green Mortgage Insurance Premium of 25 basis points, as Integra Isles is pending a National Green Building Standard Bronze Certification. This transaction was originated by Partner Brandon Baksh and Senior Originator Karnveer Bal.
DMT provided $56 million in bridge financing for a large apartment complex in Kansas City, Mo. Called Willow Creek apartments, it has 998 units.
The loan proceeds will refinance existing debt, complete remaining construction costs, cover closing costs and fund required escrows. Managing Director David Scheer originated this transaction on behalf of borrower KC Willow Creek.
Finally, DMT financed a $53.3 million bridge acquisition loan for a portfolio of three skilled nursing facilities in West Virginia and Oregon.
To supplement this loan, Dwight Healthcare Funding provided a $15 million revolving line of credit to support the ongoing working capital needs of the three SNFs. Adam Offman, Managing Director of Healthcare Finance, originated the loan.
