Dwight Capital Closes $58M on Two Bay Area Properties
Dwight Capital is bridge financing two Bay Area multifamily properties: one in San Jose, the other in Hayward.
In the South Bay, Glenbrook Apartments received bridge financing of $27 million for its 88-unit, garden-style apartment community. The four-acre, 44-building complex is near San Jose employers, well-rated schools and community attractions.
In the East Bay, Huntwood Terrace secured $31.2 million in bridge financing, which is a five-acre gated community with 104 total units.
As part of a value-add strategy, the borrowers, MC Investment Partners (MCIP), plan to invest in interior and exterior capital expenditures for the Hayward property. After the acquisition and cap/ex, MCIP intends on rebranding the property to The Huntley.
Dwight managing director Brandon Baksh originated both transactions through the firm’s commercial mortgage REIT, Dwight Mortgage Trust.
Said Baksh, “(Dwight’s) balance sheet bridge platform gives us the flexibility to provide our clients with creative solutions tailored to their specific needs. We are looking forward to seeing them execute on their business plan.”