Dwight Mortgage Trust Provides $35M Bridge Loan for Luxe Apartments in South Florida

Dwight Mortgage Trust (DMT), a real estate investment trust run by Dwight Capital, is backing an ultra-luxury apartment development in South Florida.

The REIT provided a $35 million bridge loan to refinance the six-story Clara Bay Harbor, a new 28-unit building in Bay Harbor Islands — a town spanning just a half-square-mile between Miami and Bal Harbor. Miami-based Clara Homes built the development, and Adam Schwartz of Walker & Dunlop arranged the newest financing, which will pay off an existing construction note, fund an interest reserve, and cover transaction costs.

Clara Bay Harbor will expand to include two additional buildings. Last summer, Clara Homes secured $53.6 million in construction financing from Maxim Capital for the second phase — which is set to open next year with 45 units — and also to begin pre-development for the final phase with another 77 units. 

The existing development at 10281 West Bay Harbor Drive features two-, three-, and four-bedroom residences, along with a fitness center, a children’s playroom, a resident lounge and a rooftop pool. The website shows three units available: two three-bedroom units spanning 2,055 square feet each, and a two-bedroom unit with almost 1,600 square feet.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.