Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (DMT), closed $346.5 million in real estate financings in February. Some significant transactions included 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.
DMT had provided an $88.5 million value-added bridge acquisition loan for The Waverly on the Lake, a premier lakefront garden-style apartment community in Belleville, MI. Spanning 99 acres along the shores of Belleville Lake, the unique community features 1,046 units and offers residents exclusive access to a boat launch and 42 private boat slips, along with other upscale amenities, such as a clubhouse, fitness center, firepits, a pool with a sundeck, scenic lakeside picnic areas, over two miles of walking trails, and dedicated dog parks.
The loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units, and cover closing costs for Pepper Pike Capital Partners, a recurring Dwight client. Dwight Managing Director David Scheer originated this deal.
Dwight had also closed a $54.6 million bridge loan to finance the acquisition of a six-property skilled nursing portfolio in Pennsylvania. And the 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 comprise 925 beds.
In connection with the bridge loan, Dwight Healthcare Funding provided a $7 million working capital line of credit with an accordion feature of up to $15 million, supporting the day-to-day operations across all properties. Adam Offman, Dwight’s Managing Director of Healthcare Finance, originated this transaction for Eden Senior Care, a repeat Dwight client.
DMT also provided a $34 million bridge loan to refinance Mi Place at Brightmoor, a 168-unit second phase of a 312-unit apartment community in Sicklerville, NJ. The property features 63 one-bedroom, 84 two-bedroom, and 21 three-bedroom units. The loan proceeds will be used to retire existing debt, fund an interest reserve, and cover transaction costs – including outstanding construction expenses – while providing a substantial cash-out to Fernmoor Homes, a longstanding Dwight client now receiving its fourth financed loan. The property also benefits from a 30-year PILOT tax abatement, which has been in place since 2021.
KEY QUOTE:
“The team at Dwight has been nothing short of exceptional. They work tirelessly to ensure we hit our closing deadlines. 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.”
- Jacob Repasky, Director of Acquisitions at Pepper Pike Capital Partners
