Dwight Capital & Dwight Mortgage Trust Finance $216.56MM in April 2023

Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (“DMT”), financed $216.56MM in real estate financings during April. Featured among the transactions are a HUD loan for Kinstone Columns Drive, a HUD Construction loan for Villas at Bridgeville, and a bridge loan for a grocery-anchored retail property in South Florida.

Dwight closed a $45MM HUD 223(f) loan for Kinstone Columns Drive, a 384-unit apartment community in Marietta, GA. The property consists of 29 three-story buildings, three townhome buildings, two pool bathhouses, and a leasing office/clubhouse on over 30.5 acres. The refinance benefitted from a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points as the property is in the process of achieving a National Green Building Standard (“NGBS”) Bronze certification. This is the fourth loan that Dwight has closed for the borrower, Walton Communities. Brandon Baksh and Karnveer Bal originated this transaction.

Dwight also provided a $38.3MM HUD 221(d)(4) New Construction loan for Villas at Bridgeville, a 152-unit proposed townhome community in Bridgeville, DE. The property will consist of 34 townhome and duplex buildings and one building consisting of a clubhouse, pool house, and leasing office on approximately 23 acres. This is the first HUD 221(d)(4) transaction closed in Delaware since 2018. The loan benefitted from a Green MIP Reduction because the property will achieve NGBS Bronze certification. Dwight Vice President Daniel Malka and Jacob Gauptman originated this transaction, which is the tenth loan that Dwight has closed for Allen & Rocks, Inc., a repeat Dwight client.

Michael Rocks, President at Allen & Rocks, Inc., said, “We are thankful for the excellent execution provided by the entire team at Dwight Capital. They quickly understood the story behind our active-adult community at Heritage Shores, and our desire to execute an all-ages Townhomes for Rent product nearby. Dwight guided us through the 221(d)(4) process seamlessly and never missed a beat from Concept Meeting to Firm Commitment. We are particularly impressed by their Underwriting and Closing teams’ attention to detail," said Rocks.

DMT closed a $12.75MM bridge loan for Pine Island Plaza, a 104,000 SF grocery-anchored shopping center with 21 tenants in Sunrise, FL. The property features a diverse tenant base, including National Supermarket, which recently committed to a long-term lease and is scheduled to open its doors in June 2023. With its strategic location and strong tenant base, Pine Island Plaza is well-positioned to thrive and serve the local community. This transaction marks DMT's entry into the retail market as the company continues to diversify its loan portfolio.

“As the commercial real estate capital markets experience a liquidity crunch, DMT is capitalizing on opportunities created in other asset classes," said Ian Hawk, Vice President at Dwight Mortgage Trust. “DMT views the financing of Pine Island Plaza as an opportunity to both diversify our market exposure and gain market share in other asset classes as we continue our growth trajectory in loan volume.”