Dwight Capital and Affiliates Finance Over $556M in May
Dwight Capital and its commercial mortgage REIT affiliate, Dwight Mortgage Trust, closed in excess of $556.4 million in real estate financings during May. Featured among Dwight’s transactions are bridge loans for a multifamily portfolio located in Michigan and two multifamily properties located in Oregon.
Dwight provided a $154.84-million bridge acquisition loan for six garden-style apartment complexes located in Detroit, Lansing, and Grand Rapids, MI for NJ-based Valleytree Partners. The properties within the portfolio are Capitol Village Apartments, Carriage Hill Apartments, Carriage Park Apartments, Macomb Manor Apartments, Newburgh Square Apartments, and Northview Harbor Apartments. Community amenities across the portfolio include a fitness center, tennis court, basketball court, volleyball court, clubhouses, and barbecue areas.
The purpose of this bridge loan is to provide both acquisition financing and funding for capital improvements, including enhancing 50% of the units in the portfolio. Managing principal AdamSasouness originated the transaction, which was brokered by Marvin Jeremias of Crossmark Capital and Aaron Moll of Berkadia.
Managing principal Josh Sasounes closed bridge loans for two properties in Oregon for the same sponsor, Marathon Management: a $59.1-million refinance for Willamette Estates and a $48-million refinance for Arris Apartments.
Arris Apartments is a 152-unit mixed-use apartment community located in Portland, OR. The project was built in two phases in 2020 and 2021.
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