Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (“DMT”), closed over $364 million in real estate financings in March. Featured among the transactions were a bridge loan for Silverwoods in New Jersey, a bridge loan for a three-property skilled nursing portfolio in Rhode Island, and a HUD 223(f) refinance for Skyview Heights in Washington State.
DMT closed a $50 million bridge loan to facilitate the acquisition of Silverwoods, a 313-unit, 55+ multifamily community located in Toms River, NJ. The property comprises 46 one-story buildings and includes seven studios, 41 one-bedroom units, and 265 two-bedroom units spread across 55 acres. Loan proceeds were used to finance the acquisition, fund an interest reserve, cover transaction costs, and purchase an interest rate cap for the borrowers, Mathias Deutsch and Isidore Bleier. The transaction was arranged by Moshe Feiner of Sevenstone Capital.
DMT also provided a $32 million bridge loan to refinance a three-property skilled nursing portfolio in Rhode Island. The portfolio includes Overlook Nursing Home in Pascoag, RI, and Sunny View Nursing Home and Brentwood Nursing Home in Warwick, RI. Situated on over five acres, these facilities consist of 250 beds across 100,000 square feet. The loan was used to refinance existing debt for a repeat Dwight client, marking the third financing Dwight has closed for the borrower. Adam Offman, Managing Director of Healthcare Finance, originated this transaction.
In addition, Dwight financed a $22.5 million HUD 223(f) loan for Skyview Heights, a 128-unit garden-style apartment community in Airway Heights, WA. The property comprises 16 two-story buildings featuring a mix of 32 one-bedroom, 80 two-bedroom, and 16 three-bedroom units, along with a single-story clubhouse.
The proceeds from this loan were used to pay off the existing debt, cover closing costs, fund a replacement reserve for future capital improvements, and provide a sizeable cash-out. The refinance also qualified for a reduced Green Mortgage Insurance Premium (MIP) to 25 basis points, thanks to the property’s GreenPoint Rated New Home Silver Level Certification for sustainable design. McBride Capital brokered this financing.
About Dwight Capital
Dwight Capital LLC is a leading commercial real estate finance company in the United States, with a loan servicing portfolio exceeding $13 billion. 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
For media inquiries, please contact: marketing@dwightcap.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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Contacts
For media inquiries, please contact: marketing@dwightcap.com
