Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, closed a $88.5 million value-add bridge acquisition loan for The Waverly on the Lake, a lakefront garden-style apartment community in Belleville, Michigan.

Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units, and cover closing costs for Pepper Pike Capital Partners, a recurring Dwight client. This transaction was originated by Dwight Managing Director, David Scheer.

Spanning 99 acres along the shores of Belleville Lake, the property comprises 1,046 units, featuring private balconies, patios and walk-in closets. The unique waterfront community provides residents with exclusive access to a boat launch and 42 private boat slips.

“The team at Dwight has been nothing short of exceptional,” said Jacob Repasky, Director of Acquisitions at Pepper Pike Capital Partners. “During term sheet and loan document negotiations, they are reasonable, fair, and keep their word.”