Dwight Mortgage Trust Provides $110M Refi for Charleston, S.C., Apartments

Ohio developer Lifestyle Communities has secured $110 million of bridge debt to refinance a newly-built multifamily asset in Charleston, S.C., Commercial Observer has learned.

Dwight Mortgage Trust (DMT) supplied the bridge loan for the sponsorship’s LC Line and Low property in a deal originated by Brandon Baksh, Noah Greenwald and Talisse Thompson.

The transaction refinances past construction debt and will fund remaining construction expenses for the apartment complex that is slated to debut later this year, according to DMT.

Located at 40 Line Street one mile from College of Charleston’s campus, the 277-unit property features a mix of studio, one and two-bedroom loft-style apartments. Community amenities include a pool, clubhouse, fitness center with saunas and co-working space. 

The property also comprises 15,000 square feet of retail space leased to The Goat Restaurant & Bar and Morning Ritual Coffee Shop. A third restaurant and cocktail are also planned at the site, according to DMT.

Officials at Lifestyle Communities did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com