Dwight Mortgage Trust, the affiliated real estate investment trust (REIT) of Dwight Capital, has provided a $29.5 million bridge loan to support the acquisition and renovation of Colonial Village, a 508-unit multifamily community located in Columbus, Ohio.
Colonial Village is situated on a 25-acre site and features 92 one- and two-story residential buildings. The property includes 204 one-bedroom units, 24 two-bedroom units, and 280 two-bedroom townhomes. Community amenities include a clubhouse, picnic area, dog park, and on-site management services.
The renovation plan includes comprehensive updates to both the interior and exterior of the property. Interior improvements will feature modernized kitchen appliances and cabinetry, quartz countertops with backsplashes, in-unit washer and dryers, new bathroom vanities, luxury vinyl plank flooring, and updated hardware throughout. On the exterior, renovations will include brick restoration and painting, roof repairs, an upgraded clubhouse and leasing office, a newly installed central HVAC system, and parking lot upgrades.
Proceeds from the bridge loan will be used to finance the acquisition, cover transaction costs, establish reserves, and fund the extensive renovation plan. The borrower is Paul Kiebler of Pepper Pike Capital. The transaction was originated by David Scheer, Managing Director at Dwight Mortgage Trust.
