Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, closed two acquisition bridge loans totaling $60MM for a portfolio of four apartment complexes in Modesto and Stockton, CA: Robinhood Manor, Tully Manor, Standiford Court, and Villa de la Paix. The properties comprise 347 units across 57 buildings on over 16 acres. Common areas include a courtyard garden, outdoor lounge, and pool.
Proceeds from the bridge loans will provide acquisition funding for the borrower, Tesseract Capital Group (“TCG”), along with substantial capex funding for both interior and exterior improvements. Following the renovations, the communities will also feature fitness centers and additional lounge areas. DMT has now successfully closed seven bridge loans for TCG.