Dwight Mortgage Trust Refis N.J. Apartments With $38M Bridge Loan
By Andrew Coen January 2, 2026 12:42 pm
reprints
Vanta Developers has landed $38 million of bridge debt to refinance a newly constructed multifamily building in northern New Jersey, Commercial Observer has learned.
Dwight Mortgage Trust (DMT) supplied the bridge loan for Vanta’s 126-unit the Elks in Orange, N.J., that opened last year in a deal originated by Jonathan Pomper and Josh Hoffman. The refi will also fund an interest reserve and provide cash-out proceeds to the borrower, according to DMT.
Eastern Union’s Jay Tyberg arranged the transaction.
Located at 475 Main Street 18 miles from Midtown Manhattan, the Elks consists of studio to three-bedroom apartments along with 1,500 square feet of ground-floor commercial space. Community amenities include a fitness center, a rooftop terrace, a yoga studio, a pet-washing station, a grilling area, coworking space with conference rooms, and bike storage.
The seven-story property is aided by a payment-in-lieu-of taxes agreement struck with the city of Orange that runs through 2047, according to DMT. It also benefits by being steps away from Orange’s New Jersey Transit station offering access to Manhattan, according to DMT.
Vanta Developers did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
