Dwight Mortgage Trust Refis San Francisco Apartments with $26M Loan
Joseph McMillan’s DDG has inked a $26 million debt package to refinance a newly built mixed-use multifamily property in San Francisco, Commercial Observer has learned.
Dwight Mortgage Trust, the real estate investment trust affiliate of Dwight Capital, provided the bridge loan for 235 Valencia Street, a four-unit apartment complex with ground-floor commercial space. The loan proceeds were used to pay off an existing construction loan.
Ian Hawk and David Scheer of Dwight Mortgage Trust originated the financing. Walker & Dunlop negotiated the transaction with a team led by Aaron Appel, Ari Hirt, Jonathan Schwartz, Keith Kurland and Adam Schwartz.
Located in San Francisco’s Mission District, 235 Valencia is near Twitter’s headquarters and public transportation options. Built in 2021, the five-story property includes roughly 20,370 square feet of residential area and 5,530 square feet of commercial space. It features a roof deck with barbeque area that utilizes sustainable features consisting of a bioretention program, green roof system and green cleaning program.
Monthly rents at 235 Valencia range from $3,400 for one-bedroom units to $5,075 for three bedrooms, according to Apartments.com.
“This transition marks a significant vote of confidence in the asset, the Mission District and the rebound of multifamily in San Francisco,” McMillan, founder, chairman and CEO of DDG and parent company Azur, said in a statement.
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