Dwight Mortgage Trust Provides $43M Refi for Colorado Springs Apartments

Jackson Dearborn Partners has sealed $43 million of bridge debt for the refinance of a newly built multifamily asset in Colorado Springs, Colo., Commercial Observer has learned.

Dwight Mortgage Trust (DMT) supplied the bridge loan for the developer’s 169-unit Avian property in Downtown Colorado Springs. The loan was closed upon the project receiving its initial temporary certificate of occupancy (TCO), according to DMT.

Brandon Baksh and Talisse Thompson originated the loan for DMT, an affiliate real estate investment trust of Dwight Capital. 

“This project closed just one day after the asset received its TCO, a testament to the dedication and collaboration of our entire team, and to the strength of a great deal with a great sponsor,” Baksh said in a statement. 

Avian is at 217 South Weber Street, a block east of the Colorado Springs Pioneers Museum. The project received tax benefits under the federal Opportunity Zone program. Community amenities include a parking garage, a swimming pool, a fitness center and coworking spaces. 

Ryan Tobias, managing partner at Jackson Dearborn Partners, said in statement the refi took out a previous construction loan and “will fund the deal through lease up and stabilization at which point we hope to refinance the project with permanent HUD financing.”

Andrew Coen can be reached at acoen@commercialobserver.com.