Dwight Mortgage Trust Lends $41M on New Downtown Brooklyn Resi Tower

reprints


Developer Bruklyn Builders has sealed $41.2 million of bridge financing to refinance its newly constructed high-rise apartment building in downtown Brooklyn, Commercial Observer has learned.

Dwight Mortgage Trust, the affiliate real estate investment trust of Dwight Capital, provided the bridge loan for the sponsor’s 13-story Amnia building completed in November 2023. Loan proceeds were used to refinance existing construction debt and obtain additional capital for the property.

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

Landstone Capital Group’s Pinchas Vogel arranged the transaction. 

Located at 27-131 Concord Street, the 73-unit Amnia features studio, one, two and three bedroom options. Its amenities include a fitness center, game room, courtyard with a dog run, and a rooftop lounge

The multifamily development consists of 22 apartments designated as affordable housing. It received a long-term tax abatement from the now expired 421-a Affordable Housing New York Program. 

Officials at Bruklyn Builders and Dwight did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com