Dwight Mortgage Trust Provides $51.3MM Bridge Loan for Southgate Apartments in Michigan

Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, closed a $51.3 million bridge refinance for Southgate Apartments, a 624-unit garden-style apartment complex in Southgate, MI. The property consists of 12 multi-story buildings with studio, one-bedroom, and two-bedroom units spread across more than 21 acres. Renovated interior finishes include new flooring, kitchen cabinetry, quartz countertops, stainless steel appliances, and upgraded fixtures. Community amenities feature a fitness center, pet grooming station, dog park, clubhouse, pool, and barbeque area. Southgate Apartments is ideally located just off I-75, close to Dearborn, Detroit Metro Airport, and Downtown Detroit.

The loan proceeds will retire existing debt and finance community improvements. Managing Director David Scheer originated this transaction for Pepper Pike Capital Partners, a recurring Dwight client.

“We’re sincerely thankful for the Dwight team’s hard work on successfully closing the Southgate Apartments bridge loan,” said Jacob Repasky, Director of Acquisitions at Pepper Pike Capital Partners. “The team was very responsive from start to finish and met the required deadline, making the process truly seamless. We look forward to working with Dwight on future transactions.”