Dwight Mortgage Trust Provides $155M Refi for Bronx Apartments 

Beitel Group has sealed a $155 million bridge loan to refinance a newly developed multifamily asset in the Bronx, Commercial Observer can first report.

Dwight Mortgage Trust (DMT) supplied the loan for Beitel Group’s 405-unit 261 and 315 Grand Concourse development in the Mott Haven neighborhood in the southwest section of the Bronx. 

The refi was closed nearly a year after Beitel landed a $135 million construction loan from SCALE Lending to complete the two adjacent rental apartment buildings. The new loan retired the construction debt and provided a “significant cash-out,” according to DMT, an affiliate real estate investment trust of Dwight Capital.

The development comprises 283 market-rate apartments and 122 units designated as affordable housing. The project, which is part of New York City’s Mandatory Inclusionary Housing program, received a 35-year 421a tax abatement and Brownfield tax credits, according to DMT. 

Landstone Capital Group’s Pinchas Vogel and Leah Paskus brokered the refi transaction.

“Our collaboration with seasoned professionals like Beitel Group, combined with the outstanding execution by the Dwight team, contributed significantly to the project’s success,” Paskus, CEO of Landstone, said in a statement. “The project’s completion represents a major milestone in Mott Haven’s revitalization and growth.”

Vogel, managing director at Landstone, said Beitel is a “great sponsor” expanding its presence in Mott Haven with three projects in the area.

Beitel acquired a Mott Haven development site at 355 Exterior Street in late July from Lightstone Group for a planned 755-unit multifamily project, CO first reported at the time. 

Officials at Beitel Group did not immediately return a request for comment.

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