Dealmaker: Dwight Mortgage Trust Announces Transactions in New York, Florida

(Florida property image courtesy of Dwight Mortgage Trust)

Dwight Mortgage Trust, New York, the affiliate REIT of Dwight Capital, provided $100 million in bridge financing for an apartment complex in Manhattan’s West Harlem neighborhood. Additionally, it provided a $75 million construction loan for a multifamily project in Fort Myers, Fla.

The West Harlem property–224 W 124–is a newly constructed high-rise apartment building with one-, two- and three-bedroom apartments and townhome and penthouse units.

Proceeds from the loan were used to refinance existing construction debt and provided additional capital to the borrower, Carthage Real Estate Advisors.

The site also features 51 affordable units, and therefore benefits from a long-term tax abatement in accordance with the 421-a Affordable Housing New York Program.

The Florida property–Montage at Midtown–will feature 321 units and a number of amenities.

Construction is expected to finish by December 2025.

Dwight’s Tammy Tate originated this transaction for the developer, Catalyst Community Development.