Dwight Mortgage Trust Supplies $75M Construction Loan on Fort Myers Apartments
By Andrew Coen December 11, 2023 3:09 pm
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Development firm Catalyst Asset Management has nabbed $75 million of construction financing to build a multifamily project in Fort Myers, Fla., Commercial Observer has learned.
Dwight Mortgage Trust, the real estate investment trust affiliate of Dwight Capital, provided the loan for Catalyst’s planned 321-unit Montage at Midtown development. Tammy Tate, senior originator at Dwight, originated the transaction.
Located at 2101 Jackson Street in Downtown Fort Myers, the Montage at Midtown project is slated for completion in 2025. The property will consist of a four-story apartment building, a five-story clubhouse, a six-story parking garage and five courtyards on roughly 5 acres. Its amenities will include a pool, a pet park, a spa, a coffee shop and barbeque areas.
Joseph Bonora, president at Catalyst Asset Management, said, “At a time when it’s extremely challenging to obtain construction financing,” the firm was “fortunate” to work with a lender like Dwight that “recognized the qualities that make this project so compelling.”
Officials at Dwight did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
