Dwight Mortgage Trust Refis NJ Multifamily Property With $26M Bridge Loan

reprints


Fernmoor Homes has sealed a $26 million debt package to refinance a multifamily asset in southern New Jersey, Commercial Observer has learned.

Dwight Mortgage Trust (DMT), the affiliate real estate investment trust of Dwight Capital, provided the bridge loan on Fernmoor’s Mi-Place at West Rancocas property in Mount Holly, N.J. The loan will refinance the sponsor’s existing construction debt for the second phase of the multifamily community, which added 108 units in 2022. 

SEE ALSO: Renovated DC Office Sells for a Bargain at Foreclosure

Located at 1 Kirby Court, roughly 25 miles from Downtown Philadelphia, the recently completed expansion of Mi-Place at West Rancocas, which includes Energy Star new construction certification, included the addition of 96 apartments and 12 townhomes. The property’s amenities include a pool, a fitness center, a game room, indoor and outdoor lounges, and a grill area. 

DMT also supplied a $39 million bridge loan in February 2021 for the first phase of Mi-Place at West Rancocas, which includes 228 apartments and four townhomes. The bridge debt was taken out with a $41.8 million U.S. Department of Housing and Urban Development 223(f) loan financed by Dwight Capital in June 2021. 

Officials at Dwight and Fernmoor Homes did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com