Dwight Capital and Dwight Mortgage Trust Secure $346.5 Million in Financing for February 2025
Dwight Capital and its affiliate Real Estate Investment Trust (REIT), Dwight Mortgage Trust (“DMT”), successfully closed an impressive $346.5 million in real estate financings in February 2025. The substantial transactions included a mix of bridge loans and refinancing arrangements across multiple property sectors, highlighting Dwight’s extensive expertise in structuring complex real estate deals. The most significant deals from the month involved a bridge loan for Waverly on the Lake in Michigan, a bridge loan and working capital line of credit for a six-property skilled nursing portfolio in Pennsylvania, and a bridge refinance for Mi Place at Brightmoor in New Jersey. These deals reinforce Dwight Capital’s role as a leading lender in the commercial real estate financing sector.
A Landmark Transaction: The Waverly on the Lake Financing
Among the most notable transactions closed in February was an $88.5 million value-add bridge acquisition loan provided by DMT for The Waverly on the Lake, a premier lakefront garden-style apartment community in Belleville, Michigan. This picturesque community spans an impressive 99 acres along the shores of Belleville Lake and boasts 1,046 residential units. The property offers residents exclusive access to a private boat launch and 42 dedicated boat slips, in addition to other upscale amenities such as a modern clubhouse, state-of-the-art fitness center, outdoor firepits, a pool with an expansive sundeck, lakeside picnic areas, more than two miles of scenic walking trails, and dedicated dog parks.
The loan proceeds are earmarked to facilitate the acquisition of the property, fund capital expenditures to renovate unrenovated units, and cover closing costs for the borrower, Pepper Pike Capital Partners, a valued repeat client of Dwight Capital. The transaction was expertly originated by Dwight Managing Director David Scheer, demonstrating the firm’s ability to structure high-value loans efficiently.
Jacob Repasky, Director of Acquisitions at Pepper Pike Capital Partners, praised the Dwight team for their professionalism and commitment to ensuring smooth and timely closings. “The team at Dwight has been nothing short of exceptional. They work tirelessly to ensure we hit our closing deadlines,” Repasky noted. “During term sheet and loan document negotiations, they are reasonable, fair, and keep their word. Very happy we elected to work with Dwight on our first deal last year and look forward to many more.”
Major Skilled Nursing Portfolio Acquisition in Pennsylvania
Dwight Capital also successfully closed a $54.6 million bridge loan to finance the acquisition of a six-property skilled nursing portfolio in Pennsylvania. This significant portfolio includes Hampton House in Wilkes Barre, Kingston Rehabilitation in Kingston, Pottsville Rehabilitation in Pottsville, Williamsport North and South Rehabilitation in Williamsport, and Yeadon Rehabilitation in Yeadon. Together, these facilities provide 925 beds, offering vital healthcare services to their respective communities.
As part of the financing package, Dwight Healthcare Funding extended a $7 million working capital line of credit with an accordion feature allowing for an expansion of up to $15 million. This additional funding will support the daily operational needs across all six properties, ensuring that the facilities can maintain high-quality patient care and ongoing improvements. Adam Offman, Dwight’s Managing Director of Healthcare Finance, spearheaded the transaction for Eden Senior Care, a repeat client with a strong history of working with Dwight.
This financing underscores Dwight Capital’s deep expertise in the healthcare real estate sector. Skilled nursing facilities require specialized financing solutions due to the complexity of their operations and regulatory requirements. By structuring a bridge loan coupled with a working capital line, Dwight Capital has provided Eden Senior Care with the necessary financial flexibility to optimize operational performance while securing long-term financial stability.
Refinancing Success: Mi Place at Brightmoor in New Jersey
In addition to its acquisition financing deals, DMT provided a $34 million bridge loan to refinance Mi Place at Brightmoor, a 168-unit residential development located in Sicklerville, New Jersey. The property represents the second phase of a larger 312-unit apartment community, further contributing to the growing housing demand in the region.
The unit mix at Mi Place at Brightmoor includes 63 one-bedroom apartments, 84 two-bedroom units, and 21 three-bedroom residences, catering to a diverse range of renters. The loan proceeds will be utilized to retire existing debt, establish an interest reserve, and cover various transaction costs, including outstanding construction expenses. Moreover, the financing package includes a substantial cash-out component for the property developer, Fernmoor Homes, a longstanding client of Dwight Capital. This marks the fourth financing arrangement Dwight has provided to Fernmoor Homes, solidifying their successful lending relationship.
The property benefits from a 30-year PILOT (Payment in Lieu of Taxes) tax abatement, which has been in place since 2021. This tax incentive significantly enhances the long-term financial viability of the development, making it an attractive investment for both lenders and property owners.
A Testament to Dwight Capital’s Industry Leadership
The successful closure of $346.5 million in financings in February 2025 underscores Dwight Capital’s strength and leadership in the commercial real estate lending sector. Through strategic financing solutions tailored to meet the diverse needs of borrowers across various asset classes, Dwight continues to expand its footprint in the industry. The firm’s expertise in bridge loans, working capital financing, and refinancing solutions allows it to serve as a trusted partner for real estate investors and developers nationwide.
Dwight Capital’s ability to close such high-value transactions demonstrates its strong underwriting capabilities and commitment to fostering long-term client relationships. Whether financing large-scale multifamily acquisitions, healthcare properties, or mixed-use developments, Dwight remains at the forefront of innovative and flexible real estate lending.
Looking ahead, Dwight Capital is well-positioned to continue its growth trajectory in 2025, capitalizing on emerging opportunities within the real estate market. As demand for strategic financing solutions remains high, the firm is expected to maintain its role as a key player in shaping the future of commercial real estate lending.
