Dealmaker: Dwight Capital, Dwight Mortgage Trust Finance $590M in Multiple Transactions

(The Gilroy, Calif., property, courtesy of Dwight)

Dwight Capital, New York, and its affiliated REIT, Dwight Mortgage Trust, recently closed $590 million in real estate financings.

Those include a $183 million construction loan for a multifamily community in Gilroy, Calif. It’s the largest construction loan in the firm’s history.

The loan is for a 530-unit luxury multifamily community, and will include four mid-rise apartment buildings, 33 townhome buildings and a clubhouse/leasing office. Construction is expected to be completed in 2029, and 243 of the units will be income-restricted.

The loan was originated by Managing Director Keith Hoffman and Elliot Haft for developer Ten South Construction.

Dwight Capital also financed a $48 million HUD 223(f) loan for a 336-unit waterfront community (La Joya by Azali) in Corpus Christi, Texas, including 14 three-story residential buildings. Loan proceeds were used to retire existing debt from a bridge loan previously closed by DMT, fund property enhancements, cover closing costs and establish replacement reserve accounts for future capital improvements. This transaction was originated by Andrew Tichy for repeat client Azali Homes.

Dwight Capital also provided a $39 million HUD 223(f) refinance for Timberview Apartments, a new 174-unit apartment community in Oregon City, Ore. It includes three apartment buildings and seven townhome buildings. Loan proceeds refinanced a bridge loan provided by DMT, covered closing costs and established a replacement reserve account for future capital improvements. This transaction was originated by Andrew Tichy and arranged by McBride Capital on behalf of repeat client Pahlisch Commercial.