Dwight Capital Lends $32M on San Francisco Area Apartment Asset Purchase
MC Investment Partners (MCIP) has secured $31.2 million of bridge financing to acquire and renovate a multifamily property in the San Francisco Bay Area, Commercial Observer has learned.
Dwight Capital provided the bridge acquisition loan for Huntwood Terrace Apartments, a five-acre gated community in Hayward, Calif., 30 miles from San Francisco. Brandon Baksh, managing director at Dwight, originated the transaction through the lender’s commercial mortgage real estate investment trust, Dwight Mortgage Trust.
Following the acquisition, MCIP is planning to invest interior and exterior capital expenditures into the property as part of a value-add strategy. It also will rebrand the 104-unit complex on 29200 Huntwood Avenue as The Huntley.
Monthly rents in the complex range from $1,995 for one-bedroom units to $2,915 for three-bedroom apartments, according to Apartments.com.
Baksh closed another deal this month on a $27 million bridge refinance loan for MCIP’s Glenbrook Apartments development in San Jose, Calif. The 88-unit garden-style apartment community on 190 Roundtable Drive comprises 44 newly renovated buildings situated on four acres.
“Our balance sheet bridge platform gives us the flexibility to provide our clients with creative solutions,” Baksh said. “We are looking forward to seeing them execute on their business plan.”
Representatives for MCIP did not immediately return requests for comment.
Andrew Coen can be reached at firstname.lastname@example.org.