Dwight Capital closed a $14MM bridge loan for Legacy Place, a condominium community located in Southfield, MI. Proceeds were used to facilitate the acquisition and renovation of 112 of the property’s 173 units. Legacy Place consists of over 44 two-story buildings, featuring a unique mix of some of the largest units available in the Southfield submarket. Its amenities include a swimming pool, garage parking, on-site management, and nearly 20 acres of walking grounds.
Dwight also financed a $17MM bridge acquisition loan for Carlyle Tower Apartments, a neighboring 175-unit apartment community. The property is comprised of a ten-story building situated on 5 acres. As part of a value-add strategy, the borrower plans to invest in interior and exterior capital expenditures.
Both transactions further expanded the borrower’s existing real estate portfolio across Michigan and broadened Dwight’s financing footprint in the market. Managing Principal Adam Sasouness originated these loans through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Marvin Jeremias of Crossmark Capital served as a correspondent on both transactions.