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Dwight Launches “Rescue Capital” Preferred Equity and Mezzanine Debt Platform
Dwight Capital and its affiliated REIT, Dwight Mortgage Trust (DMT), launched a “rescue capital” preferred equity and mezzanine debt platform to assist sponsors with equity shortfalls in connection with permanent loan refinancings.
Given the current rate environment, Dwight expects a significant percentage of loans closed over the past several years—particularly floating rate bridge loans—will be unable to achieve cash neutral refinancing via HUD, Fannie Mae, Freddie Mac or CMBS.
Dwight’s rescue capital strategy targets multifamily, mixed use, office, retail and independent/assisted living properties valued between $10 million and $75 million throughout the U.S.
“Together with our existing bridge loan and construction lending products, the added preferred equity and mezzanine capabilities will assist Dwight Mortgage Trust in deploying over $2 billion of new loan originations in 2023,” according to CIO Tim Groves.
DMT is partnering with Miami-based 27 Capital on this initiative.
- ◦Financing