**Dwight Mortgage Trust Provides $155M Refinance for Bronx Multifamily Development**
Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has issued a $155 million bridge loan to refinance 261 and 315 Grand Concourse—a newly developed, 405-unit multifamily community located in the Bronx, New York. The financing was arranged on behalf of the sponsor, Beitel Group, and brokered by Pinchas Vogel of Landstone Capital Group.
This two-building project benefits from a 35-year 421-a tax abatement and Brownfield Tax Credits, and it participates in the NYC Voluntary Inclusionary Housing Program. The bridge loan, which closed prior to the project receiving a Temporary Certificate of Occupancy (TCO), was used to retire an existing construction loan, cover all transaction costs, and provide significant cash out to the borrower.
261 Grand Concourse consists of 283 market-rate rental units, while 315 Grand Concourse offers 122 affordable units. Both buildings are equipped with a wide array of resident amenities, including a fitness center, co-working space, lounge areas, outdoor terraces, onsite parking, as well as professional management and maintenance services.
