Dwight Mortgage Trust Provides $51.3M Bridge Loan for Southgate Apartments in Michigan

SOUTHGATE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $51.3 million bridge loan for the refinancing of Southgate Apartments, a 624-unit garden-style multifamily property in the Detroit suburb of Southgate. The asset consists of 12 buildings with studio, one- and two-bedroom units across more than 21 acres. Amenities include a fitness center, pet grooming station, dog park, clubhouse, pool and barbecue area. The loan proceeds will retire existing debt and finance community improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.