Miami, April 11, 2024–(BUSINESS WIRE)–Dwight Capital and its affiliated REIT, Dwight Mortgage Trust (“DMT”), closed on $270 million in real estate financing in March. Highlighted among the transactions are three lease-up bridge loans for The Shoreline, Solis at Petrosa, and The Marlet.
DMT provided $108 million in bridge financing for The Shoreline, a 248-unit luxury high-rise apartment complex with 28,610 square feet of commercial space in Brooklyn, New York. This mixed-use property is located along Gravesend Bay, offering expansive water views to residents and visitors. This one building of his is 31 stories tall and boasts amenities spread out over 25,000 square feet. These include a pool, fitness center, game room, and sunset lounge with a wraparound sky deck offering an unobstructed 360-degree panorama.
Shoreline will also benefit from 421-a tax breaks under the New York State Affordable Housing Program. This gives her a 35 year tax break. Proceeds from the loan will be used to refinance existing debt and provide capital to the borrowers, Solomon Rubin and Cesky Rosen, as they complete construction and lease-up activities.
DMT also funded a $59 million bridge loan for Solis at Petrosa, a newly constructed 260-unit apartment complex in Bend, Oregon. Spread over nearly 10 acres, the site consists of eight three-story buildings and one four-story building. Facilities include a pool, community lounge with full kitchen, fitness room, golf simulator, and pet wash station.
The financing proceeds will be used to refinance the borrower's existing construction debt and establish operating reserves to support the lease-up process. McBride Capital brokered the deal for Parrish Commercial, a regular client of Dwight's.
Dwight completed a $30 million bridge refinance of The Marlet, a 140-unit garden-style apartment complex in Carson City, Nevada. Completed in 2023, the property includes his 10 two-story buildings on six acres. Amenities include a clubhouse, pool, spa, fitness center, dog park, pet spa, community park, grilling station, and more. The Marlette is conveniently located within walking distance of the Kitson Carson Trail and downtown Carson City.
Proceeds from the loan will be used to refinance existing debt, cover final construction costs, and build operating reserves to facilitate lease-up. Fident Capital brokered the transaction on behalf of Mr. Dwight's client Kingsburn Realty Capital.
About Dwight Capital
Dwight Capital LLC is one of the largest commercial real estate finance companies in the United States, with a loan repayment portfolio of more than $12 billion. Our scope of services includes various types of commercial financing, including balance sheet bridge and new construction loans, FHA/HUD insured loans, mezzanine financing and preferred stock.
For more information about Dwight Capital, please visit www.dwightcapital.com.
About Dwight Mortgage Trust
Dwight Mortgage Trust LLC (“DMT”) is an actively managed real estate investment trust specializing in the origination and financing of commercial mortgage loans across a variety of real estate asset classes. DMT works with its affiliate Dwight Capital to source and evaluate financing opportunities nationwide.
For more information about Dwight Mortgage Trust, please visit www.dwightmortgagetrust.com.
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