Dwight Mortgage Trust (DMT), the REIT affiliate of Dwight Capital, has recently closed two acquisition bridge loans worth $60 million for a portfolio of four apartment complexes located in Modesto and Stockton. The properties, which include Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix, comprise 347 units spread across 57 buildings on over 16 acres.
The borrower for these loans is Tesseract Capital Group (TCG) and the proceeds will be used for both acquisition funding as well as significant capital expenditures to improve the interiors and exteriors of the properties. Some common areas that will receive upgrades include a courtyard garden, outdoor lounge area and pool.
After renovations are complete, residents can look forward to new fitness centers and additional lounge spaces within their communities. This marks DMT’s seventh successful bridge loan closing with TCG.
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