Dealmaker: Dwight Capital, Dwight Mortgage Trust Announce Transactions Totaling Over $425M

(Sereno, courtesy of Dwight)

Dwight Capital, New York, and its affiliate REIT, Dwight Mortgage Trust, closed $425.7 million in real estate transactions in March.

Those include a $72 million bridge loan provided by DMT for a newly built luxury apartment development in Sunrise, Fla. The property is called the Sereno and features 235 units.

Loan proceeds were used to repay construction financing, cover transaction costs, establish an interest reserve and retire existing construction debt. The transaction was originated by David Scheer, Alex Izso and Evan Fromen on behalf of the borrower, LUXCOM.

Dwight Capital financed a $27 million HUD 241(a) new construction loan for a new property in Lubbock, Texas. The property–La Ventana at Canyon West Phase II–will add 104 units adjacent to an existing property.

The loan includes 18 months of interest-only payments followed by a 40-year fully amortizing term. The transaction was originated by Brandon Baksh and Tommy Ng on behalf of Martin Inderman Development, a repeat Dwight Capital client.

And, Dwight Capital also provided a $23 million cash-out HUD 223(f) refinance loan for a 92-unit garden style apartment community, called Berkshire Crossing, in Hanford, Calif.

The 35-year fully amortizing loan paid off existing debt on the property and returned equity to the borrower. Keith Hoffman and Aaron Kirshtein originated the transaction on behalf of the borrowers Fresno Supreme, Inc. and Santa Lucia Ventures.