**Dwight Mortgage Trust Provides $155M Bridge Loan for Bronx Multifamily Project**
Dwight Mortgage Trust, the affiliate real estate investment trust of Dwight Capital, has announced the closing of a $155 million bridge loan to refinance 261 and 315 Grand Concourse, a newly constructed 405-unit multifamily development located in the Bronx, New York. The loan was originated on behalf of developer Beitel Group and was brokered by Pinchas Vogel of Landstone Capital Group.
The financing package, which closed prior to the issuance of a Temporary Certificate of Occupancy (TCO), was used to retire the project’s existing construction loan, cover all transactional costs, and provide a significant cash-out component.
This development project benefits from a 35-year 421-a tax abatement and Brownfield Tax Credits. It is also part of the New York City Voluntary Inclusionary Housing Program, aimed at encouraging affordable housing throughout the city.
The two-building complex includes 261 Grand Concourse, offering 283 market-rate units, and 315 Grand Concourse, comprising 122 affordable residences. Residents enjoy a wide array of amenities including a fitness center, co-working space, resident lounge, outdoor terraces, and onsite parking. The property also features professional on-site management and maintenance services.
