Dwight Mortgage Trust Finances $409M in November, Including Monroe Multifamily Development
MONROE, N.C. — Dwight Capital and its affiliate real estate investment trust, Dwight Mortgage Trust (DMT), financed a combined $409 million in real estate transactions during November, according to the firms. The financings included a construction loan for a new multifamily development in Monroe, North Carolina, and bridge loans for healthcare and multifamily properties in Florida and Georgia.
Multifamily Development in Monroe
DMT closed a $48 million construction loan for Sycamore at Monroe, a planned 275-unit multifamily community in Monroe, N.C. The project, led by Switzenbaum & Associates, will be built on approximately 23 acres and include five four-story residential buildings and a community clubhouse. The unit mix will feature 115 one-bedroom and 160 two-bedroom apartments. Upon completion, the development will be Monroe’s only low-density, elevator-serviced garden-style community. The transaction was originated by Brandon Baksh and Brian Yee of Dwight Capital.
Bridge Financing for Skilled Nursing Portfolio
Dwight Mortgage Trust also provided a $120 million bridge loan for a five-property skilled nursing portfolio in Florida, totaling 795 beds. Two of the facilities were refinancings of existing debt, while three were acquisitions. The portfolio includes Balanced Healthcare in St. Petersburg, Gulfside Health & Rehab Center in Clearwater, Lake Placid Health & Rehab Center in Lake Placid, Parklands Care Center & Rehab in Gainesville, and Riverwood Healthcare & Rehab Center in Starke.
In addition to the bridge loan, Dwight Healthcare Funding extended a $20 million working capital line to support operations across the portfolio. The transaction was originated by Adam Offman, managing director of healthcare finance at Dwight Capital.
Bridge Refinance in Georgia
The firm also completed a $41 million bridge refinance for Pointe Grand Reservation Way, a newly constructed 264-unit apartment community in Augusta, Georgia. The loan refinances existing debt, funds an interest reserve, covers transaction costs, and returns equity accumulated during construction. The transaction was originated by Josh Hoffman and Jonathan Pomper for Hillpointe.
Source: Dwight Mortgage Trust