### Dwight Mortgage Trust Finances $34M for Philadelphia-Area Apartments
Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has closed a $34 million bridge loan to refinance Mi Place at Brightmoor. This transaction supports the 168-unit second phase of a 312-unit apartment community located just outside Philadelphia.
The property consists of 63 one-bedroom, 84 two-bedroom, and 21 three-bedroom units. Each unit features high-end interior finishes, including quartz countertops, in-unit laundry, stainless steel appliances, and private balconies or patios. Residents also have access to a range of community amenities, such as a clubhouse, pool, fitness center, game room, community lounge, dog washing area, and playground.
The loan proceeds will be used to pay off existing debt, fund an interest reserve, and cover transaction costs, including outstanding construction expenses. Additionally, the refinancing provides a significant cash-out to Fernmoor Homes, a longstanding client of Dwight Mortgage Trust, marking the firm’s fourth financed loan with Dwight. The property also benefits from a 30-year PILOT tax abatement, which has been in place since 2021.
