Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (“DMT”), closed $425.7 million in real estate transactions in March.
Among the month’s closings were:
A $72 million bridge loan provided by DMT for Sereno, a newly built 235-unit luxury apartment development in Sunrise, Florida.
Loan proceeds were used to repay construction financing, cover transaction costs, establish an interest reserve, and retire existing construction debt. The transaction was originated by David Scheer, Alex Izso, and Evan Fromen on behalf of the borrower, LUXCOM, which was recently named Builder of the Year by the Builders Association of South Florida.
Dwight Capital also financed a $27 million HUD 241(a) new construction loan for La Ventana at Canyon West Phase II, located in Lubbock, TX. The 104-unit upscale market-rate development will be situated on a 4.24-acre site adjacent to the existing Phase I community, creating a single 292-unit property. The loan includes 18 months of interest-only payments followed by a 40-year fully amortizing term. The transaction was originated by Brandon Baksh and Tommy Ng on behalf of Martin Inderman Development, a repeat Dwight Capital client.
Dwight Capital provided a $23 million cash-out HUD 223(f) refinance loan for Berkshire Crossing, a 92-unit garden-style apartment community in Hanford, CA. The 35-year fully amortizing loan paid off existing debt on the property and returned equity to the borrower. Keith Hoffman and Aaron Kirshtein originated the transaction on behalf of the borrowers, Fresno Supreme, Inc. and Santa Lucia Ventures.
Keith Hoffman said, “We successfully closed this HUD refinance in just over six months, all while navigating two government shutdowns. This is a testament to the quality of the property our clients developed, the exceptional underwriting and closing execution by the Dwight Capital team, and our strong relationship with the San Francisco HUD office. Over the past five years, Dwight Capital has originated the majority of all HUD refinances in the greater Fresno MSA. It has become a highly successful market for our team, and we look forward to many more opportunities ahead.”
About Dwight Capital
Dwight Capital LLC is a leading commercial real estate finance company in the United States, with a loan servicing portfolio exceeding $15 billion across all affiliates. Our services encompass a wide range of commercial lending options, including Balance-Sheet Bridge & New Construction Loans, FHA/HUD-Insured Loans, C-PACE Financing, Mezzanine Financing, and Preferred Equity.
For more information about Dwight Capital, please visit: www.dwightcapital.com
About Dwight Mortgage Trust
Dwight Mortgage Trust LLC (“DMT” or the “Fund”) is an actively managed real estate investment trust specializing in the origination and financing of commercial mortgages across a range of real estate asset classes. DMT works in conjunction with affiliate firm Dwight Capital to source and evaluate lending opportunities nationwide. The Fund partners with experienced sponsors on projects in major markets, focusing on investments with a clearly defined exit strategy.
For more information about Dwight Mortgage Trust, please visit: www.dwightmortgagetrust.com
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