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Dwight Capital and Dwight Mortgage Trust Finance $270MM in March 2024

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the shoreline

Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (“DMT”), closed $270MM in real estate financings in March. Featured among the transactions are three lease-up bridge loans for The Shoreline, Solis at Petrosa, and The Marlette.

DMT provided $108MM in bridge financing for The Shoreline, a 248-unit luxury high-rise apartment building featuring 28,610 square feet of commercial space located in Brooklyn, NY. The mixed-use property is situated along Gravesend Bay, offering residents and visitors expansive water views. The single building spans 31 stories boasting amenities spread across 25,000 square feet. These include a pool, fitness center, game room, and sunset lounge showcasing a wraparound sky deck offering an unobstructed 360-degree panorama.

The Shoreline will also benefit from a 421-a tax abatement under the Affordable Housing New York Program, which provides a 35-year reduction. The loan proceeds will be used to refinance existing debt and provide Solomon Rubin and Chesky Rosen, the borrowers, with capital as they finalize construction and lease-up activities.

DMT also funded a $59MM bridge loan for Solis at Petrosa, a newly built 260-unit apartment complex in Bend, OR. Spread across nearly ten acres, the property comprises eight three-story buildings and one four-story building. Its amenities include a pool, community lounge equipped with a full kitchen, fitness room, golf simulator, and pet wash station.

The loan proceeds will be utilized to refinance the borrower's existing construction debt and establish an operating reserve to support the lease-up process. McBride Capital brokered this transaction for Pahlisch Commercial, a recurring Dwight client.

Dwight closed a $30MM bridge refinance for The Marlette, a 140-unit garden-style apartment complex in Carson City, NV. Completed in 2023, the property features 10 two-story buildings on six acres. Its array of amenities includes a clubhouse, pool, spa, fitness center, dog park, pet spa, community park, and grilling stations. The Marlette is strategically located within walking distance of Kitson Carson Trail and Downtown Carson City.

The loan proceeds will be used to refinance existing debt, cover final construction costs, and fund an operating reserve to facilitate lease-up. Fident Capital brokered this transaction on behalf of Dwight’s client, Kingsbarn Realty Capital.