Dealmaker: Dwight Capital, Dwight Mortgage Trust Finance $272M in Multiple Transactions
(Arcadia, courtesy of Dwight Capital)
Dwight Capital, New York, and its affiliate REIT, Dwight Mortgage Trust, financed $272 million in real estate transactions in October.
Among those, DMT closed a $70 million construction loan for a proposed 180-unit luxury apartment development in New York, N.Y., on W 125th street. It also includes three commercial spaces. The borrower is Irgang Group.
The New York property is eligible for a 35-year 421-a tax abatement, with 30% of units designated as affordable housing. Loan proceeds will support ground-up construction, closing costs and fund an interest reserve. The transaction was originated by Managing Director Keith Hoffman.
Dwight Capital provided a $46 million HUD 223(f) refinance for an apartment community in Tamarac, Fla., completed in 2023. The proceeds will pay off existing debt, cover closing costs and establish a replacement reserve account for future capital improvements for the community, Arcadia. Dwight’s Josh Hoffman and Jeremy Packer originated the transaction on behalf of the borrower, CaraCo.
And, DMT closed a $43 million construction loan for Old Charlotte Townhomes, a 133-unit BTR community in Asheville, N.C. Loan proceeds will support land development, construction costs, community amenities, and transaction expenses for the client, Golden Hour Collective.
