Dwight Mortgage Trust Provides $34M Refi for NJ Apartments

Fernmoor Homes has inked a $34 million loan to refinance a garden-style apartment community in southern New Jersey, Commercial Observer has learned.

Dwight Mortgage Trust (DMT) supplied the bridge loan for the second phase of Fernmoor’s Mi-Place at Brightmoor multifamily development in Sickerville, N.J. Loan proceeds will be used to retire existing debt, fund an interest reserve and cover transaction costs, according to Dwight. 

“Fernmoor has evolved into one of the premier multifamily developers in the entire state of New Jersey, and I firmly believe their secret sauce is character,” Josh Sasouness, managing principal at DMT and co-CEO of Dwight Capital, said in a statement.

The loan will fund outstanding construction costs associated with a 168-unit expansion for the second phase of the 312-unit project and provide a “substantial cash-out” to Fernmoor, according to DMT. The property received a 30-year payments-in-lieu-of-taxes abatement in 2021. 

The transaction marked the fourth loan that Dwight has closed for Fernmoor. Two years ago it originated a $26 million bridge loan to refinance Fernmoor’s Mi-Place at West Rancocas property in Mount Holly, N.J., CO first reported at the time. 

Located at 301 Sicklerville Road 23 miles south of Philadelphia, the 168-unit second phase of the Mi-Place at Brightmoor comprises 63 one-bedroom, 84 two-bedroom and 21 three-bedroom units. Community amenities include a clubhouse, pool, fitness center, game room, dog washing area and playground.

Officials at Fernmoor Homes did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com