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Dwight Capital and Dwight Mortgage Trust Finance $155.85MM in February 2023

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Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (“DMT”), closed $155.85MM in real estate financings during February. Featured among the transactions are a HUD loan for Woodstock West and bridge loans for both Mi-Place at West Rancocas Phase II and REDKA 1.

Dwight closed a $66.25MM HUD 223(f) refinance for Woodstock West, a 407-unit apartment community in Woodstock, GA. The property was developed in two phases in 2013 and 2017. It consists of nine apartment buildings, two townhome buildings, and one amenity building, including a pool, cabana with grills, and fitness center on over 14 acres. One of the buildings also has a 1,148 SF commercial space on its ground level, which is occupied by photography studio White Wall Studio.

The loan benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points because the property is in the process of achieving an NGBS Bronze certification. Dwight’s Brandon Baksh and Karnveer Bal originated this transaction for the borrower, Walton Communities.

DMT provided a $26MM bridge refinance for Mi-Place at West Rancocas Phase II, a 108-unit apartment complex in Mount Holly, NJ. The property was completed in 2022 with an Energy Star New Construction Certification. It consists of four three-story buildings with 96 units, two two-story townhome buildings with 12 units, and a recreation center. The purpose of this loan is to refinance existing construction debt for Fernmoor Homes, a repeat Dwight client. DMT previously provided a $39MM bridge loan for Mi-Place at West Rancocas Phase I in February 2021, which was taken out with a $41.8MM HUD 223(f) loan financed by Dwight Capital in June 2021.

DMT also closed a $26MM bridge refinance for REDKA 1, a 150-unit apartment complex in East Orange, NJ. The property is nearing the completion of an extensive renovation program, which includes all common areas, exteriors, and 100 newly renovated units that feature upscale interior finishes with individual balconies. Dwight’s bridge loan will facilitate the asset’s final renovations and lease-up.