MODESTO AND STOCKTON, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes in Modesto and Stockton.
Totaling 347 units spread across 57 buildings on more than 16 acres, the portfolio includes Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix. Common area amenities include a courtyard garden, outdoor lounge and pool.
Proceeds from the bridge loans will provide acquisition funding for the borrower, Tesseract Capital Group, along with substantial capital expenditure funding for both interior and exterior improvements. Following the renovations, the communities will also feature fitness centers and additional lounge areas.