Dwight Mortgage Trust, the REIT affiliate of Dwight Capital, provided a $22.2MM bridge acquisition loan for Queens Village Apartments, a 132-unit garden-style property located in Queens, NY. The property is comprised of three- and six-story apartment buildings featuring partially rent-controlled and partially rent stabilized units, on-site maintenance and laundry.
A portion of the loan proceeds will be used towards capital expenditures to renovate units and common areas, which will allow the borrower to increase rents to market rates (with the exclusion of 10 rent-stabilized units). Managing Principal Adam Sasouness originated this transaction, which was brokered by Marvin Jeremias of Crossmark Capital.
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