Dwight Mortgage Trust Refis Michigan Apartments With $51M Loan
By Andrew Coen August 5, 2024 4:13 pm
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Pepper Pike Capital Partners has landed a $51.3 million loan to refinance a multifamily asset in suburban Detroit, Commercial Observer has learned.
Dwight Mortgage Trust provided the loan on Pepper Pike’s Southgate Apartments property in Southgate, Mich. in a transaction spearheaded by David Scheer. Loan proceeds from the financing will retire existing debt and fund community improvements.
Located at 16700 Quarry Road, 14 miles outside Detroit, the 624-unit garden apartment complex consists of 12 buildings on a more than 21 acre property. Community amenities include a fitness center, dog park, clubhouse, pool, and barbeque area.
Jacob Repasky, director of acquisitions at Pepper Pike, said in a statement that the Dwight team was “very responsive from start to finish” while meeting a “required deadline” and it looks forward to “working with Dwight on future transactions.”
Dwight Mortgage Trust also closed a $26.8 million bridge loan to refinance Pepper Pike’s 241-unit Fountain Parc Apartments property in Indianapolis last month.
Officials at Dwight did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
