Dwight Mortgage Trust Refis Nevada Multifamily Property With $30M Loan
By Andrew Coen April 10, 2024 12:15 pm
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Kingsbarn Realty Capital has inked a $30.2 million loan to refinance a garden-style apartment community in Carson City, Nev., Commercial Observer can first report.
Dwight Mortgage Trust provided the bridge loan on Kingsbarn’s The Marlette property in Nevada’s capital. The building opened in late 2023, and loan proceeds will finance existing debt, cover final construction costs and fund operating reserves used to facilitate lease-up of the 140-unit complex.
Located at 1008 Little Lane southeast of Downtown Carson City, The Marlette consists of 10 two-story buildings on 6 acres with one- and two-bedroom apartment options. Its amenities include a clubhouse, a pool, a spa, a fitness center, a dog park, a pet spa, a community park, grilling stations and electric vehicle car charging sites.
Kingsbarn acquired the development site for the project in 2021 for an undisclosed purchase price. Today, the property is in a federally designated opportunity zone created to generate tax benefits from the 2017 Tax Cuts and Jobs Act.
Units for The Marlette opened at $1,750 per month last October, Kingsbarn Realty Capital said in a press release at the time. Monthly rents now range from $1,825 for one-bedroom units to $2,350 for two-bedrooms, according to Apartments.com.
Officials at Dwight and Kingsbarn Realty Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
