Dwight Capital & Dwight Mortgage Trust Finance $357.4MM in May 2024

MIAMI--(BUSINESS WIRE)--In May, Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (DMT), closed $357.4 million in real estate financings. Notable transactions included a bridge loan for a portfolio of ten skilled nursing facilities, a bridge refinance for Elements at Saratoga Lake, and a HUD loan for Residences at Town Square.

DMT financed a $142 million bridge acquisition loan for a portfolio of ten skilled nursing facilities located in prime urban areas surrounding Atlanta, GA; Memphis, TN; Mobile, AL; and Shreveport, LA. The properties include Bell Minor Home, Cambridge Post Acute Care Center, Nurse Care of Buckhead, Riverside Health Care Center, Rockdale Healthcare Center, Westminster Commons, Millington Healthcare Center, Parkway Health and Rehabilitation Center, Kensington Health and Rehabilitation, and Highland Place Rehabilitation and Nursing. Collectively these facilities total 1,371 beds. Adam Offman, Managing Director of Healthcare Finance, originated this loan for recurring Dwight clients.

DMT also provided $67.5 million in bridge financing for Elements at Saratoga Lake, a 260-unit luxury townhome apartment complex in Saratoga Springs, NY. Located just 2.5 miles from Saratoga Lake, the property was developed in two phases: Phase I was completed in February, with Phase II scheduled for delivery in July. Upon completion, the property will encompass 26 two-story residential buildings and a clubhouse, which boasts an array of amenities, including an indoor/outdoor pool, fitness center, golf simulator, pickleball court, and yoga studio. Residents of the townhomes enjoy attached garages, in-unit washer/dryers, walk-in closets, and other high-end finishes, establishing Elements at Saratoga Lake as the premier Class-A development in the Saratoga market.

The loan proceeds will be utilized to refinance existing debt and supplement construction expenses. Dwight Managing Director David Scheer, alongside Joshua Klein, originated this transaction on behalf of the sponsors, Zach Dorrough and Dr. Dave Kwiat of Blue Iron Development.

Dwight closed a $58.6 million HUD 223(f) loan for Residences at Town Square, a mixed-use apartment complex in Amarillo, TX, consisting of 480 residential units and 121,360 SF of ground-floor commercial spaces. The property comprises four five-story apartment buildings and an attached leasing office/business center spread across 32 acres. Residences at Town Square’s commercial units feature a variety of tenants, including a dental office, nail bar, spa, retail stores, and restaurants.

Proceeds from the loan will be utilized to retire existing debt from a $60 million bridge loan that DMT provided in July 2021 and fund energy-efficient enhancements. The loan also qualified for a Green Mortgage Insurance Premium (MIP) reduction to 25 basis points due to the property being set to achieve a National Green Building Standard (NGBS) Bronze certification. Dwight Vice President Daniel Malka originated this transaction for a recurring Dwight client, Williams Group, with Daniel Hartnett of Greysteel serving as the correspondent. This financing underscores Dwight Capital’s ongoing commitment to supporting sustainable and energy-efficient developments.

About Dwight Capital

Dwight Capital LLC is a leading commercial real estate finance company in the United States, with a loan servicing portfolio exceeding $12 billion. Our services encompass a wide range of commercial lending options, including Balance-Sheet Bridge & New Construction Loans, FHA/HUD Insured Loans, 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