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Dwight Mortgage Trust Finances $34M for Philadelphia-Area Apartments
Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, closed a $34 million bridge loan to refinance Mi Place at Brightmoor, the 168-unit second phase of a 312-unit apartment community just outside of Philadelphia.
The property features 63 one-bedroom, 84 two-bedroom, and 21 three-bedroom units, each with high-end interior finishes, including quartz countertops, in-unit laundry, stainless steel appliances, and private balconies or patios. The community amenities include a clubhouse, pool, fitness center, game room, community lounge, dog washing area, and playground.
The loan proceeds will be used to retire existing debt, fund an interest reserve, cover transaction costs – including outstanding construction expenses – and provide a substantial cash-out to Fernmoor Homes, a longstanding Dwight client now receiving its fourth financed loan. Additionally, the property benefits from a 30-year PILOT tax abatement, in place since 2021.
