Dwight Mortgage Trust Launches New Balance Sheet Construction Lending Program with $20.1MM Loan for Nottinghill Living in Davenport, Florida
Dwight Mortgage Trust, the commercial mortgage REIT affiliate of Dwight Capital, has launched a balance sheet construction lending program for multifamily and mixed-use properties. The assets range from ground-up development of garden-style and mid-rise properties to substantial rehabilitation and conversion of existing properties. The loan program offers borrowers several benefits, including in-house servicing, flexible terms, and an overall efficient process with quick closings. These financings will be on Dwight’s balance sheet, providing borrowers with exceptional transparency and ease.
“Our in-house construction servicing team leverages years of hands-on experience in multifamily development to collaborate with our partners to develop feasible solutions during the most challenging times to carry out construction,” said Lena Nazarian, Managing Director of Asset Management & Construction.
Dwight’s most recent balance sheet construction loan closed in March 2022 as a $20.1MM financing for Nottinghill Living, a 132-unit proposed garden-style apartment complex located in Davenport, Florida. The property is conveniently located in the Lakeland multifamily market, which encompasses all of Polk County, the ninth most populous county in Florida. Nottinghill Living’s residents will benefit from its central location, which provides easy access to US-27 and I-4, healthcare facilities, theme parks, and major distribution centers, including FedEx and Walmart.
The project is estimated to be completed and ready for occupancy in 2023.Upon completion, the 6.6-acre property will be comprised of four, three-story buildings, each containing 33 units across a total of 132,000 square feet. Its amenities will feature a BBQ grilling area, dog park, fitness center, playground, resort-style swimming pool, stormwater pond, and walking path. Each floor will consist of a mix of one- and two-bedroom units, which will feature open-concept living and kitchen spaces filled with natural light. Unit amenities will include balconies/patios, full appliance packages, walk-in closets, and washer/dryer capabilities.
Managing Principal Adam Sasouness originated the transaction, and Jeff Seidenfeld of Sevenstone Capital arranged the financing for the borrower, The Flacks Group.
"The successful closing of the construction loan on Nottinghill's first property in Central Florida is a testament to how we plan to grow the Nottinghill brand across Florida and the Southeast,” said Michael Flacks, Founder of The Flacks Group. “With Dwight's help, we hope to bring the Nottinghill Living Standard to more and more areas.”
"Everyone at Dwight made us feel like closing this loan was a priority for them,” said Jordan Desnick, Head of U.S. Real Estate at The Flacks Group. “From the initial underwriting through loan closing, we felt like we were working with a team who fully embraced our vision for this site and our future plans."