Silk-Lofts-Bayonne-New-Jersey

Dwight Mortgage Trust Funds Two Loans Totaling $45M for Refinancing of New Jersey Apartment Complexes

by Taylor Williams

BAYONNE AND EAST BRUNSWICK, N.J. — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has funded two bridge loans totaling $45 million for the refinancing of a pair of apartment complexes in New Jersey. In the first transaction, Dwight Mortgage Trust provided $21 million in financing for Silk Lofts, an 85-unit apartment complex in the Northern New Jersey community of Bayonne that is a redevelopment of the former factory of women’s apparel retailer Maidenform. The property comprises nine studios, 49 one-bedroom units and 27 two-bedroom units. Amenities include a fitness center, package room and indoor and outdoor lounges. In the second deal, Dwight provided $24 million for Summerhill Gardens, a 96-unit property in the Central New Jersey community of East Brunswick. Summerhill Gardens offers amenities such as a fitness center, playground, pool table, indoor and outdoor lounges and outdoor grilling stations. About a quarter (24) of the residences are designated as affordable housing. The borrower on both deals was AMS Acquisitions.

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