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Dwight REIT Closes Bridge Loan for Toms River Apartments
Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed a $50-million bridge loan to facilitate the acquisition of Silverwoods, a 313-unit, 55+ multifamily community located in Toms River, NJ. Loan proceeds will be utilized to finance the acquisition, establish an interest reserve, cover transaction expenses and purchase an interest rate cap for the borrowers, Mathias Deutsch and Isidore Bleier
Moshe Feiner of Sevenstone Capital arranged the transaction. The seller was not disclosed.
Located in Ocean County, the property consists of 46 one-story buildings, including seven studios, 41 one-bedroom units and 265 two-bedroom units spread across 55 acres. Onsite amenities include a pool, fitness center and clubhouse.
- ◦Financing