Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, provided a $75MM construction loan for Montage at Midtown, a 321-unit multifamily project in Fort Myers, FL. The proposed property is expected to pioneer the redevelopment of the Midtown area in Downtown Fort Myers. The project will be comprised of a four-story apartment building, a five-story clubhouse, a six-story parking garage, and five courtyards on approximately five acres. Its amenities will include a pool, pet park and spa, coffee shop, community car and bike sharing programs, and BBQ areas.
Construction of Montage at Midtown is being built with industry-recognized energy efficient standards and is expected to be completed by December 2025. Dwight’s Tammy Tate originated this transaction for the developer, Catalyst Community Development.
Joseph R. Bonora, President at Catalyst Asset Management, said, “At a time when it’s extremely challenging to obtain construction financing, we were fortunate to work with a lender that understood the market and recognized the qualities that make this project so compelling.”