Real Estate Finance Firm Opens Miami-Area Office
By Jeff Ostrowski June 15, 2023 6:20 pm
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In another score for the Miami-area office market, a New York-based real estate finance company has opened an office in Miami-Dade County.
Dwight Capital and its affiliated real estate investment trust, Dwight Mortgage Trust, have taken 4,000 square feet at Milton Tower at 16690 Collins Avenue in Sunny Isles Beach. The 14-story, 102,000-square-foot building has asking rents of $63 a foot, according to a LoopNet listing.
Dwight Capital and Dwight Mortgage Trust said the new office will serve borrowers, brokers and investors in South Florida. The location has 15 workers with room for 30 employees, a Dwight Capital spokesperson said.
“This expansion allows us to better serve our clients in the region where we plan on expanding operations significantly,” Adam Sasouness, managing principal of Dwight Capital and Dwight Mortgage Trust, said in a statement. “South Florida is increasingly becoming a preferred destination for commercial real estate finance. We are here to contribute to that growth and be part of its future in a very big way.”
Dwight Capital has a loan servicing portfolio of $12 billion. Its commercial lending products include balance sheet loans, construction loans, mezzanine financing and preferred equity.
Recent deals include a $38.8 million loan on a new townhouse project in Delaware and a $31.1 million refinance of a multifamily project in Oregon. Both deals are backed by U.S. Department of Housing and Urban Development (HUD) loans.
Milton Tower, developed by J. Milton & Associates and completed in 2020, is one of the few newly built Class A offices on the largely residential island, known for its beaches and upscale living.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
