Dealmaker: Dwight Capital, Dwight Mortgage Trust Finance $475.5M

(Moment Apartments, courtesy of Dwight)

Dwight Capital, New York, and its affiliate REIT, Dwight Mortgage Trust, announced a series of transactions totaling $475.5 million in May.

DMT provided a $49 million bridge loan to refinance a newly constructed luxury apartment community in Minneapolis, called Moment Apartments. The proceeds were used to retire existing debt, fund reserves and cover transaction-related costs. It was originated by Vice President Daniel Malka and Jonathan Pomper for the borrower, Sherman Associates.

Dwight Capital financed a $43 million HUD 223(f) loan for an apartment community in Brunswick, Ga., called Pointe Grand Brunswick. Loan proceeds were used to repay existing debt, including a bridge loan from DMT, cover closing costs and return equity accumulated since the project’s initial construction. The refinance qualified for a reduced Green Mortgage Insurance Premium to 25 basis points, due to the property’s National Green Building Standard Bronze Level Certification. It was originated by Managing Director Josh Hoffman and Jonathan Pomper for a recurring Dwight client, Hillpointe.

And, DMT closed an $80 million bridge loan to facilitate the acquisition of a skilled nursing portfolio throughout central Florida. Moreover, Dwight Healthcare funding provided a $12 million working capital line of credit to support ongoing needs. The transaction was originated by Josh Sturm, Managing Director of Senior Housing and Healthcare.