Dwight Capital and Dwight Mortgage Trust Secure $357.4 Million in Financing for May 2024

Dwight Capital and its affiliated REIT, Dwight Mortgage Trust (DMT), successfully closed $357.4 million in real estate financing deals. Key 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 facilitated a $142 million bridge acquisition loan for a portfolio comprising ten skilled nursing facilities strategically located around Atlanta, GA; Memphis, TN; Mobile, AL; and Shreveport, LA. These facilities, including 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 offer 1,371 beds. Adam Offman, Managing Director of Healthcare Finance, led the origination for longstanding clients of Dwight.

Additionally, DMT provided $67.5 million in bridge financing for Elements at Saratoga Lake, a luxurious 260-unit townhome apartment complex in Saratoga Springs, NY. Developed across two phases with Phase I completed in February and Phase II scheduled for July, the property boasts 26 two-story residential buildings and a clubhouse featuring amenities such as indoor/outdoor pools, a fitness center, golf simulator, pickleball court, and yoga studio. Each townhome offers attached garages, in-unit washer/dryers, walk-in closets, and premium finishes, establishing Elements at Saratoga Lake as the premier Class-A development in the Saratoga market. David Scheer, Managing Director at Dwight, in collaboration with Joshua Klein, orchestrated this transaction for sponsors Zach Dorrough and Dr. Dave Kwiat of Blue Iron Development.

Furthermore, Dwight closed a $58.6 million HUD 223(f) loan for Residences at Town Square, a mixed-use apartment complex in Amarillo, TX. This property features 480 residential units spread across four five-story buildings, accompanied by 121,360 square feet of ground-floor commercial space including a dental office, nail bar, spa, retail stores, and restaurants. The loan refinances existing debt from a $60 million bridge loan extended in July 2021 and supports enhancements to improve energy efficiency. Notably, the loan qualified for a Green Mortgage Insurance Premium (MIP) reduction to 25 basis points due to the property’s pursuit of a National Green Building Standard (NGBS) Bronze certification. Daniel Malka, Vice President at Dwight, oversaw this transaction for the Williams Group, with Daniel Hartnett of Greysteel acting as the correspondent.

These financing endeavors underscore Dwight Capital’s commitment to fostering sustainable, energy-efficient developments while supporting strategic real estate investments across diverse markets.

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