SOUTHFIELD, MICH. — Dwight Capital has provided $31 million in bridge financing for two multifamily communities in Southfield. In the first transaction, Dwight provided $14 million for Legacy Place, a 173-unit condominium rental property. Loan proceeds were used to facilitate the acquisition and renovation of 112 units. Legacy Place, which consists of more than 44 two-story buildings, features some of the largest units in Southfield. Amenities include a swimming pool, garage parking, onsite management and nearly 20 acres of walking grounds.
In the second transaction, Dwight provided a $17 million acquisition loan for Carlyle Tower Apartments, a neighboring 175-unit property that consists of a 10-story building on five acres. The undisclosed borrower plans to invest in interior and exterior upgrades. Adam Sasouness of Dwight originated the loans through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Marvin Jeremias of Crossmark Capital arranged the loans, terms of which were not provided.