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.
Residences at Silk Lofts, an apartment complex in Bayonne, New Jersey, that is a redevelopment of a former factory, are furnished with stainless steel appliances, granite countertops and luxury vinyl tiling.
Dwight Mortgage Trust Funds Two Loans Totaling $45M for Refinancing of New Jersey Apartment Complexes
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