Dwight Mortgage Trust Lends $48M on San Diego Apartment Building

Cast Development has landed $48 million of construction financing to build a multifamily development in San Diego, Commercial Observer has learned.

Dwight Mortgage Trust (DMT), the affiliate real estate investment trust of Dwight Capital, closed the loan for the West Coast developer’s planned 114-unit GH 25 project in San Diego’s Golden Hill neighborhood. In addition to funding construction costs, the loan will also establish an interest reserve and cover transaction costs for Cast Development, which is led by Lawrence Howard and Dan Meeh.

“We applaud Cast’s focus on architecture along with their innovative engineering, which enhances quality while simultaneously decreasing cost,” Josh Sasouness, managing principal of DMT, said in a statement. 

Located at 504 C Street near Downtown San Diego, the eight-story GH 25 development is slated for completion later this year with units ranging from studios to two-bedrooms. The property will also consist of 3,250 square feet of ground-floor retail space anchored by a restaurant along with resident amenities that include a pool, fire pits, barbeques and lounge areas. 

Officials at Cast Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com