Dwight Capital Closes $58.2MM in Bridge Financing for Two Multifamily Properties in California
Dwight Capital provided a $27MM bridge refinance for Glenbrook Apartments, an 88-unit garden-style apartment community located in San Jose, CA. Glenbrook Apartments is comprised of 44 newly renovated buildings situated on 4 acres in close proximity to employers, well-rated schools, and community attractions.
Dwight also closed a $31.2MM bridge acquisition loan for Huntwood Terrace Apartments, a 5-acre gated community in Hayward, CA comprised of 104 units. As part of a value-add strategy, the borrower, MC Investment Partners (“MCIP”), plans to invest in interior and exterior capital expenditures. Following the acquisition, MCIP intends on rebranding the property to The Huntley.
Dwight Managing Director Brandon Baksh originated both transactions through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. “Thank you to our repeat client for trusting us to close on these refinance and acquisition loans. Our balance sheet bridge platform gives us the flexibility to provide our clients with creative solutions tailored to their specific needs,” said Baksh. “We are looking forward to seeing them execute on their business plan.”