Dwight Mortgage Trust Finances $88.5MM Bridge Loan for The Waverly on the Lake in Michigan

Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, closed a $88.5 million value-add bridge acquisition loan for The Waverly on the Lake, a premier lakefront garden-style apartment community in Belleville, MI. Spanning 99 acres along the shores of Belleville Lake, the property comprises 1,046 units, featuring private balconies/patios and spacious walk-in closets, while upgraded units include granite countertops, stainless steel appliances, and modernized fixtures. The unique waterfront community provides residents with exclusive access to a boat launch and 42 private boat slips, in addition to other upscale amenities, including a newly renovated clubhouse, fitness center, BBQ grills, firepits, a swimming pool with a sundeck, and scenic lakeside picnic areas. Waverly on the Lake also boasts over two miles of walking trails and dedicated dog parks.

Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units, and cover closing costs for Pepper Pike Capital Partners, a recurring Dwight client. This transaction was originated by Dwight Managing Director, David Scheer.

“The team at Dwight has been nothing short of exceptional. They work tirelessly to ensure we hit our closing deadlines,” said Jacob Repasky, Director of Acquisitions at Pepper Pike Capital Partners. “During term sheet and loan document negotiations, they are reasonable, fair, and keep their word. Very happy we elected to work with Dwight on our first deal last year and look forward to many more.”