Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, closed a $88.5 million value-add bridge acquisition loan for The Waverly on the Lake, a lakefront garden-style apartment community in Belleville, Michigan.
Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units, and cover closing costs for Pepper Pike Capital Partners, a recurring Dwight client. This transaction was originated by Dwight Managing Director, David Scheer.
Built in 1972, spanning 99 acres along the shores of Belleville Lake, Waverly on the Lake comprises 1,046 units, featuring private balconies, patios and walk-in closets.
“The team at Dwight has been nothing short of exceptional,” said Jacob Repasky, Director of Acquisitions at Pepper Pike Capital Partners. “During term sheet and loan document negotiations, they are reasonable, fair, and keep their word.”
Dwight Capital LLC is a leading commercial real estate finance company in the United States, with a loan servicing portfolio exceeding $13 billion. Our services encompass a wide range of commercial lending options, including Balance-Sheet Bridge & New Construction Loans, FHA/HUD Insured Loans, C-PACE Financing, Mezzanine Financing, and Preferred Equity.
Dwight Mortgage Trust LLC (“DMT” or the “Fund”) is an actively managed real estate investment trust specializing in the origination and financing of commercial mortgages across a range of real estate asset classes. DMT works in conjunction with affiliate firm Dwight Capital to source and evaluate lending opportunities nationwide. The Fund partners with experienced sponsors on projects in major markets, focusing on investments with a clearly defined exit strategy.
