Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (“DMT”), closed $590 million in real estate transactions during June.
Featured among the month’s transactions is a $183 million construction loan for a 530-unit luxury multifamily community in Gilroy, CA, marking the largest construction financing in the firm’s history.
Located at 315 Las Animas Avenue, the property will comprise four mid-rise apartment buildings, 33 townhome buildings, and a clubhouse/leasing office across 27 acres. Of the 530 units, 243 will be income-restricted and reserved for households earning 60% and 80% of the Area Median Income. The remaining 287 townhomes will be market rate. Construction is expected to be completed in 2029.
The loan was originated by Managing Director Keith Hoffman and Elliot Haft for the developer, Ten South Construction.
“On behalf of the team at Ten South, I would like to express our tremendous thanks to the Dwight team,” a Ten South representative said. “We have worked with many lending platforms in the past, and Dwight’s intelligence, diligence, and excellence of execution are truly second to none. We look forward to delivering yet another top-of-the-market project at 315 Las Animas.
Dwight also financed a $48 million HUD 223(f) loan for La Joya by Azali, a 336-unit waterfront community in Corpus Christi, TX. The property comprises 14 three-story residential buildings and an amenity and leasing building completed in 2015.
Loan proceeds were used to retire existing debt from a bridge loan previously closed by DMT, fund property enhancements, cover closing costs, and establish replacement reserve accounts for future capital improvements. This transaction was originated by Andrew Tichy for recurring Dwight client, Azali Homes.
Additionally, Dwight Capital provided a $39 million HUD 223(f) refinance for Timberview Apartments, a newly developed 174-unit apartment community in Oregon City, OR. The property spans over seven acres and consists of three buildings with 141 single-story units, as well as seven buildings with 33 townhomes and attached single-car garages. Timberview Apartments also features a single-story clubhouse with a leasing office, along with six detached garage buildings.
Loan proceeds refinanced a bridge loan provided by DMT, covered closing costs, and established a replacement reserve account for future capital improvements. This transaction was originated by Andrew Tichy and arranged by McBride Capital on behalf of the repeat client, Pahlisch Commercial.