Dwight Capital and its affiliate REIT Dwight Mortgage Trust (DMT) announced that they closed over $364 million in real estate financing in March. Among these deals were a bridge loan for Silverwoods in New Jersey, a bridge loan for a three-property skilled nursing portfolio in Rhode Island, and a HUD 223(f) refinance for Skyview Heights in Washington State.
DMT had closed a $50 million bridge loan to facilitate the acquisition of Silverwoods, a 313-unit 55+ multifamily community in Toms River, NJ. This property comprises 46 one-story buildings, seven studios, 41 one-bedroom units, and 265 two-bedroom units spread across 55 acres. The loan proceeds were used to finance the acquisition, fund an interest reserve, cover transaction costs, and purchase an interest rate cap for the borrowers, Mathias Deutsch and Isidore Bleier. Moshe Feiner of Sevenstone Capital arranged this deal.
DMT also provided a $32 million bridge loan to refinance a three-property skilled nursing portfolio in Rhode Island. And the portfolio includes Overlook Nursing Home in Pascoag, RI, and Sunny View Nursing Home and Brentwood Nursing Home in Warwick, RI. Situated on over five acres, these facilities have 250 beds across 100,000 square feet. This loan was used to refinance existing debt for a repeat Dwight client, marking the third financing Dwight has closed for the borrower. Adam Offman, Managing Director of Healthcare Finance, originated this transaction.
Plus, Dwight financed a $22.5 million HUD 223(f) loan for Skyview Heights, a 128-unit garden-style apartment community in Airway Heights, WA. This property features 16 two-story buildings featuring a mix of 32 one-bedroom, 80 two-bedroom, and 16 three-bedroom units, along with a single-story clubhouse.
The proceeds from this loan were used to pay off the existing debt, cover closing costs, fund a replacement reserve for future capital improvements, and provide a sizeable cash-out. This refinancing also qualified for a reduced Green Mortgage Insurance Premium (MIP) to 25 basis points due to the property’s GreenPoint Rated New Home Silver Level Certification for sustainable design. McBride Capital brokered this financing.
Dwight Capital is a leading commercial real estate finance company in the United States, with a loan servicing portfolio surpassing $13 billion. The company’s services encompass various commercial lending options, including Balance-Sheet Bridge & New Construction Loans, FHA/HUD Insured Loans, C-PACE Financing, Mezzanine Financing, and Preferred Equity.
