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, including Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix, were acquired by Tesseract Capital Group (TCG).
The proceeds from these bridge loans will provide funding for the acquisition as well as significant capital expenditures for both interior and exterior improvements. The portfolio consists of 347 units spread across 57 buildings on over 16 acres. Amenities include a courtyard garden, outdoor lounge area and pool.
Upon completion of renovations, residents can also enjoy new fitness centers and additional lounge areas at each community. This marks DMT’s seventh successful bridge loan closing with TCG.
This transaction highlights DMT’s commitment to providing financing solutions to support real estate acquisitions in the Central Valley region without compromising on quality or amenities offered to tenants.
