Dwight Mortgage Trust Provides $68M Refi for Saratoga Springs Apartments 

Blue Iron Development has sealed a $67.5 million loan to refinance a multifamily asset south of Saratoga Springs, N.Y., Commercial Observer has learned.

Dwight Mortgage Trust (DMT), the real estate investment trust affiliate of Dwight Capital, supplied the bridge loan on the 260-unit Elements at Saratoga Lake property. David Scheer and Joshua Klein originated the transaction for DMT, which will be used to refinance past debt and fund construction expenses.

The first phase of the townhome apartment complex was completed in February, with the second phase slated for delivery in July. Located at 1 Forest Ridge Boulevard 2.5 miles south of Saratoga Lake, the property will consist of 26 two-story buildings and a clubhouse. Community amenities will include an indoor/outdoor pool, fitness center, golf simulator, pickleball court, and yoga studio.

Blue Iron’s Zach Dorrough and Dave Kwiat acquired land and development rights for the townhome project in 2021 for $5 million. The property is near Mechanicville, roughly 11 miles south of the famed Saratoga Racecourse. 

Officials at Dwight and Blue Iron did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com