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Atlanta & Southeast  + Chicago & Midwest  |  August 6, 2024
Jasmine Kilman
By: Jasmine Kilman

Dwight Mortgage Trust Provides $51M Bridge Loan for MI Apartments

Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, closed a $51.3 million bridge refinance for Southgate Apartments, a 624-unit garden-style apartment complex in Southgate, Michigan. The property consists of 12 multi-story buildings with studio, one-bedroom, and two-bedroom units spread across more than 21 acres.

The loan proceeds will retire existing debt and finance community improvements. Managing Director David Scheer originated this transaction for Pepper Pike Capital Partners, a recurring Dwight client and multifamily investment company headquartered in Cleveland.

Southgate Apartments is located just off I-75, close to Dearborn, Detroit Metro Airport, and Downtown Detroit. The renovated interiors include new flooring, kitchen cabinetry, quartz countertops, stainless steel appliances, and upgraded fixtures. Community amenities include a fitness center, pet grooming station, dog park, clubhouse, pool, and barbeque area.

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Inside The Story

Dwight Pepper Pike

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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