**Dwight REIT Closes $34M Bridge Loan for Greenpoint Multifamily Property**
Dwight Mortgage Trust (DMT), the affiliate real estate investment trust of Dwight Capital, has successfully closed a $34 million bridge loan to refinance 170 Freeman Street, a newly constructed 67-unit apartment community in Brooklyn’s Greenpoint neighborhood. The financing was originated by DMT’s David Scheer on behalf of borrowers Daniel Greenberg and Joshua Greenberg of Green Street Group Managers LLC.
The bridge loan proceeds will be used to cover transaction costs, establish an interest reserve, and fund the remaining construction expenses. Additionally, the project qualifies for a 35-year 421-a tax abatement, enhancing its long-term financial stability and appeal.
170 Freeman Street is an eight-story mixed-use building featuring residential and ground-floor commercial space. The unit mix includes 12 studios, 40 one-bedrooms, and 15 two-bedrooms. Residents will have access to a variety of amenities, such as a fitness center, bike storage, study rooms, storage lockers, a resident lounge, a pet spa, and a communal rooftop equipped with a grill and sweeping views of Manhattan.
This strategic refinancing will support the continued development and leasing of a modern residential asset in one of Brooklyn’s most sought-after neighborhoods.
