Dwight Mortgage Trust (DMT), the REIT affiliate of Dwight Capital, has recently closed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes located in Modesto and Stockton. These properties include Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix.
The proceeds from these loans will provide funding for Tesseract Capital Group (TCG) to acquire the properties as well as substantial capital expenditures for both interior and exterior improvements. The portfolio consists of 347 units spread across 57 buildings on over 16 acres. Amenities such as a courtyard garden, outdoor lounge area, and pool are available to residents.
After undergoing renovations funded by DMT’s bridge loans, the communities will also feature fitness centers and additional lounge areas. This marks DMT’s seventh successful loan closing with TCG.
For up-to-date insights on market trends during this current cycle, be sure to attend Connect Investment & Finance 2023 at Hyatt Regency O’Hare in Rosemont IL on October 24th. Register here now!
