Dwight Mortgage Trust Provides $24M Refi for New Jersey Apartments 

Development firm AMS Acquisitions has secured a $24 million bridge loan to refinance a New Jersey multifamily asset, Commercial Observer has learned.

Dwight Mortgage Trust (DMT) originated the loan on AMS’s Summerhill Gardens development in East Brunswick, N.J. Loan proceeds will retire existing debt tied to the property, cover closing costs and recapture equity, according to Dwight. 

Located at 377 Summerhill Road roughly 29 miles southwest of Downtown Newark, Summerhill Gardens comprises 72 apartments, including 24 units designated as affordable. Community amenities include a fitness center, a pool table and outdoor grilling stations. 

DMT also closed a $21 million bridge loan this month for AMS’s 85-unit Silk Lofts apartment community in Bayonne, N.J. Loan proceeds were used to retire existing debt and fund an interest reserve, according to DMT. 

Located at 154 Avenue E at the site of a former Maidenform undergarment factory, the complex consists of nine studios, 49 one-bedroom units and 27 two-bedroom apartments. Property amenities included a fitness center and community pizza oven. 

Formed in 2012, Fort Lee, N.J.-based AMS owns approximately 1.5 million square feet of multifamily properties throughout the New York City metropolitan area. 

“We’re proud that Dwight is now part of the AMS growth story,” Josh Sasouness, co-CEO of Dwight Capital and managing principal of DMT, said in a statement. “Not only have they manufactured an excellent portfolio thus far, but their future runway is even more exciting.”

Officials at AMS did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com