Dwight Mortgage Trust Closes $45MM in Bridge Financing for Two Apartment Communities in New Jersey

Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, closed two bridge loans for recurring Dwight client, AMS Acquisitions: a $21 million bridge refinance for Silk Lofts in Bayonne, NJ, and a $24 million bridge refinance for AMS's Summerhill Gardens development in East Brunswick, NJ.

Originally a Maidenform factory, Silk Lofts has been transformed into a modern residential complex featuring nine studios, 49 one-bedrooms, and 27 two-bedrooms. Each unit boasts upscale interior finishes, including granite countertops, luxury vinyl tiling, stainless steel appliances, and expansive windows. Residents enjoy contemporary amenities such as a fitness center, package room, and indoor and outdoor lounges. The loan proceeds were used to retire existing debt, fund an interest reserve, and cover transaction costs. Additionally, Silk Lofts benefits from a 30-year PILOT tax abatement in effect since 2013.

Summerhill Gardens is an apartment community comprised of 72 market-rate units and 24 affordable units. Residents benefit from a variety of amenities, including a fitness center, playground, pool table, indoor and outdoor lounges, and outdoor grilling stations. Loan proceeds were utilized to retire existing debt, cover closing costs, and recapture equity.