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Dwight REIT Closes on Bridge Loan to Refi Greenpoint Rentals
Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, closed a $34-million bridge loan to refinance 170 Freeman St., a newly developed 67-unit apartment community located in the Greenpoint neighborhood of Brooklyn. The transaction was originated by DMT’s David Scheer on behalf of the borrowers, Daniel Greenberg and Joshua Greenberg of Green Street Group Managers LLC.
Loan proceeds will cover transaction costs, fund an interest reserve and finance remaining construction costs. The project is eligible for a 35-year 421-a tax abatement.
The property consists of a single eight-story building and includes ground-floor commercial space. The residential unit mix comprises 12 studios, 40 one-bedrooms, and 15 two-bedrooms. Amenities at 170 Freeman St. include a fitness center, bike storage, study rooms, storage lockers, resident lounge, pet spa and a communal rooftop equipped with a grill and views of Manhattan.
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- ◦Financing
