Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, closed a $49.15 million bridge loan to refinance Moment Apartments, a newly constructed 222-unit luxury apartment community in Minneapolis, Minnesota.
The property consists of a 10-story apartment building with 14,713 square feet of ground-floor retail space, leased to Starbucks and New Horizon Academy. The residential units include seven studios, 159 one-bedrooms, and 56 two-bedrooms.
Loan proceeds will be used to retire existing debt, fund reserves, and cover transaction-related costs. The financing was originated by Vice President Daniel Malka and Jonathan Pomper for the borrower, George Sherman and Chris Sherman of Sherman Associates.
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The post Dwight Mortgage Trust Provides $49M for Minneapolis Apartments appeared first on Connect CRE.
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