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Mortgages

Dwight Capital Closes $475.5 Million in Real Estate Financings in May

Strategic Insights

— 2 min read

In a major milestone for the real estate investment sector, Dwight Capital and its affiliate REIT, Dwight Mortgage Trust ("DMT"), successfully closed $475.5 million in real estate financings in May. The notable transactions include a bridge loan for a skilled nursing portfolio in Florida, a bridge loan for Moment Apartments in Minneapolis, and a HUD 223(f) refinance for Pointe Grand Brunswick in Georgia. These financings not only demonstrate the capabilities of Dwight Capital but also highlight the growing demand for creative financing solutions in the real estate market.

Key Takeaways:

  • Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed $475.5 million in real estate financings in May across various sectors, including skilled nursing, multifamily, and healthcare.
  • A notable transaction included a $80 million bridge loan for a five-property, 518-bed skilled nursing portfolio in central Florida, originated by Josh Sturm, Managing Director of Senior Housing and Healthcare.
  • DMT also provided a $49 million bridge loan to refinance Moment Apartments, a luxury apartment community in Minneapolis, featuring premium amenities and originated by Vice President Daniel Malka and Jonathan Pomper.
  • Dwight Capital financed a $43 million HUD 223(f) loan for Pointe Grand Brunswick, a 264-unit lakefront community in Brunswick, Georgia, with reduced Green Mortgage Insurance Premium (MIP) due to its National Green Building Standard (NGBS) Bronze Level Certification.
  • The transactions were originated by experienced team members, including Josh Hoffman and Jonathan Pomper for Hillpointe, a recurring client that has successfully developed over $1 billion in multifamily housing assets.
  • Dwight Healthcare Funding provided a $12 million working capital line of credit to support the portfolio's ongoing operational needs in conjunction with the $80 million bridge loan.
  • Moment Apartments features a unique combination of luxury amenities, including a fitness center, business center, golf simulator, sauna, and swimming pool.

Statistics:

  • $475.5 million: Total value of real estate financings closed by Dwight Capital and DMT in May.
  • $80 million: Amount of bridge loan provided for a five-property, 518-bed skilled nursing portfolio in central Florida.
  • $49 million: Amount of bridge loan provided to refinance Moment Apartments in Minneapolis.
  • $43 million: Amount of HUD 223(f) loan provided for Pointe Grand Brunswick, a 264-unit lakefront community in Brunswick, Georgia.
  • 518 beds: Total capacity of the skilled nursing portfolio.
  • 222 units: Number of units in the Moment Apartments multifamily community.
  • 264 units: Number of units in the Pointe Grand Brunswick multifamily community.
  • 23 acres: Land area of the Pointe Grand Brunswick property.
  • 25 basis points: Reduced Green Mortgage Insurance Premium (MIP) due to the property's National Green Building Standard (NGBS) Bronze Level Certification.

Sources:

  • [Source 1 - Dwight Capital news release, May 2023]
  • [Source 2 - Dwight Capital website, accessed May 2023]
  • [Source 3 - National Green Building Standard (NGBS) website, accessed May 2023]

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