Dwight Capital & Dwight Mortgage Trust Finance $260.5MM in November 2024

MIAMI, December 11, 2024–(BUSINESS WIRE)–In November, Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (DMT), successfully closed a total of $260.5 million in real estate financings. Notable transactions included a HUD loan for Integra Isles Apartments, as well as bridge loans for Willow Creek Apartments and a portfolio of three skilled nursing facilities.

Dwight Capital closed a $51.8 million HUD 221(d)(4) construction loan for the development of Integra Isles, a planned 264-unit market rate apartment community in Leesburg, Florida. Situated on 15.5 acres, the development will feature 11 three-story garden-style buildings with 132 one-bedroom, 114 two-bedroom, and 18 three-bedroom units, along with a clubhouse and leasing office. Integra Isles is designed to offer a diverse range of amenities, including a clubhouse with a game room, fitness center, resort-style pool with cabanas, dog park, indoor pet spa, grill station, fire pit, and sports bar. The thoughtful design extends into each apartment with premium finishes such as granite countertops, luxury vinyl flooring, energy-efficient stainless-steel appliances, and screened balconies or patios.

The loan proceeds will fund both construction and permanent financing for the developer, Integra Land Company. The project qualifies for a reduced Green Mortgage Insurance Premium (MIP) of 25 basis points, as Integra Isles is pending a National Green Building Standard (“NGBS”) Bronze Certification. This transaction was originated by Partner Brandon Baksh and Senior Originator Karnveer Bal.

DMT provided $56.0 million in bridge financing for Willow Creek Apartments, a 998-unit, garden-style apartment complex in Kansas City, MO. Spanning nearly 70 acres, the property includes 43 residential buildings offering one-, two-, and three-bedroom units. Residences feature private balconies or patios, fireplaces, large closets, and additional storage space. Community amenities include two swimming pools, a fitness center, racquetball and tennis courts, garage parking, and a clubhouse with a business center. The loan proceeds will be used to refinance existing debt, complete remaining construction costs, cover closing costs, and fund required escrows. Managing Director David Scheer originated this transaction on behalf of the borrower, KC Willow Creek LLC.

DMT also financed a $53.3 million bridge acquisition loan for a portfolio of three skilled nursing facilities (SNFs) totaling 258 beds in West Virginia and Oregon. To supplement this loan, Dwight Healthcare Funding (DHF) provided a $15.0MM revolving line of credit (RLOC) to support the ongoing working capital needs of these three SNFs. Adam Offman, Managing Director of Healthcare Finance, originated this loan.

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