Dealmaker: Dwight Capital, Dwight Mortgage Trust Finance $346.5M Over Multiple Transactions

(The Waverly on the Lake, courtesy of DMT)

Dwight Capital, New York, and its affiliate REIT, Dwight Mortgage Trust, closed $346.5 million in real estate financings last month, including for properties in Michigan, Pennsylvania and New Jersey.

DMT provided an $88.5 million value-add bridge acquisition loan for an apartment community Belleville, Mich., called The Waverly on the Lake.

Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units, and cover closing costs for Pepper Pike Capital Partners, a recurring Dwight client. This transaction was originated by Dwight Managing Director David Scheer.

Dwight also announced it closed a $54.6 million bridge loan to finance the acquisition of a multiproperty skilled nursing portfolio in Pennsylvania. It included six properties in Wilkes Barre, Kingston, Pottsville, Williamsport and Yeadon.

In conjunction with the bridge loan, Dwight Healthcare Funding provided a $7 million working capital line of credit with an accordion feature of up to $15 million, supporting the day-to-day operations across all properties. Adam Offman, Dwight’s Managing Director of Healthcare Finance, originated this transaction for Eden Senior Care, a repeat Dwight client.

Finally, DMT provided a $34 million bridge loan to refinance an apartment community in Sicklerville, N.J., called Mi Place at Brightmoor.

The loan proceeds will be used to retire existing debt, fund an interest reserve, cover transaction costs–including outstanding construction expenses–while also providing a substantial cash-out to Fernmoor Homes, a longstanding Dwight client now receiving its fourth financed loan. The property also benefits from a 30-year PILOT tax abatement, which has been in place since 2021.