Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (DMT) announced that they have closed $307.6 million in real estate financings in January. And notable deals included a construction loan for Sutphin Phase II in New York, a bridge loan for a portfolio of four skilled nursing facilities on the East Coast, and another bridge loan for Silk Lofts in New Jersey.
DMT provided a $148 million construction loan for Sutphin II, a planned 524-unit luxury high-rise apartment building in Jamaica, NY. This 24-story development will feature 366 market-rate units and 158 affordable units, ranging from studio to three-bedroom apartments, along with 7,750 square feet of ground-floor retail. And the community will offer premium amenities, including a rooftop space, gym, business center, game room, theater, resident lounge, children’s playroom, and pet spa.
Upon completion of the deal, the project will qualify for a 35-year 421-a tax abatement and Brownfield Redevelopment Tax Credits. Steven Hersko of SHB Group had arranged the loan on behalf of the developer, a partnership led by Moshe Braver.
DMT provided a $31 million bridge acquisition loan for a portfolio of four skilled nursing facilities in Florida, Georgia, and Massachusetts. These facilities include Arabella Health and Wellness of Carrabelle, Jacksonville Center for Rehab and Healthcare, Pine View Nursing and Rehab Center, and Regal Care of Quincy. Together, they comprise 386 beds. Dwight’s Yossi Benish originated the loan.
DMT also provided a $21 million bridge loan to refinance Silk Lofts, an 85-unit apartment community in Bayonne, NJ. Originally a Maidenform factory, this property was converted into a modern residential complex featuring nine studios, 49 one-bedrooms, and 27 two-bedrooms. Each unit features upscale interior finishes, including granite countertops, stainless steel appliances, and expansive windows.
The loan proceeds will retire existing debt, fund an interest reserve, and cover transaction costs for the borrower, AMS Acquisitions. Plus, Silk Lofts benefits from a 30-year PILOT tax abatement in effect since 2013.
