Dwight Mortgage Trust Lends $30M to Purchase Apartments in Columbus, Ohio

Pepper Pike Capital has secured $29.5 million of acquisition financing for the purchase and substantial rehabilitation of a multifamily community in Columbus, Ohio, Commercial Observer has learned.

Dwight Mortgage Trust (DMT) provided the bridge loan for Pepper Pike to acquire and renovate the 508-unit Colonial Village apartment complex in Ohio’s capital city. David Scheer, managing director at Dwight, originated the financing.

Pepper Pike purchased the property for $15.1 million from Ellington Management Group two years after more than 800 tenants were found to be living in substandard conditions in apartments that were supposed to be vacant, WBNS-TV reported. 

Located at 1256 Rand Avenue on a 25-acre site, Colonial Village consists of 204 one-bedroom apartments, 24 two-bedroom units and 280 two-bedroom townhomes. Community amenities include a clubhouse, picnic area and dog park.

Pepper Pike Capital plans interior renovations to the apartments that will include updated kitchen appliances, cabinets and in-unit laundry machines, according to DMT. The real estate investment firm is also targeting exterior improvements including brick restoration, roof repairs, renovation of the clubhouse, installation of a central HVAC system, parking lot repairs and enhanced landscaping.

Officials at Dwight and Pepper Pike did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com