Dwight Mortgage Trust (DMT), the REIT affiliate of Dwight Capital, has recently completed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes in Modesto and Stockton. These properties, known as Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix, comprise 347 units spread across 57 buildings on over 16 acres.
The borrower for this transaction is Tesseract Capital Group (TCG), who will utilize the proceeds from the bridge loans for both acquisition funding and significant capital expenditures to improve both interior and exterior aspects of these properties. The common areas at these communities include a courtyard garden, outdoor lounge area and pool.
Upon completion of renovations by DMT’s financing support through seven successful bridge loan transactions with TCG thus far – fitness centers will be added along with additional lounge spaces to enhance resident experience.
