Dwight Mortgage Trust Refis SoCal Apartments With $36M Loan
By Andrew Coen May 5, 2023 10:13 am
reprints
Latco Enterprises has landed a $36 million debt package to refinance a multifamily property in Southern California, Commercial Observer has learned.
Dwight Mortgage Trust, the affiliate real estate investment trust of Dwight Capital, supplied the bridge loan on Latco’s 220-unit Villa Annette Apartments property in Moreno Valley, Calif. Ari Mandelbaum, vice president at Dwight, originated the transaction.
Proceeds from the loan will be used to pay off existing construction debt for the newly built apartment community about 65 miles east of Los Angeles. Latco is in the lease-up process now with the property and plans to obtain a U.S. Department of Housing and Urban Development Section 223(f)-backed loan for further financing once it achieves stabilization.
Located at 14400 Lasselle Street, the property comprises 14 two and three-story buildings with a mix of one- to three-bedroom apartments on approximately 11 acres. Its amenities include a clubhouse, business center, fitness center, pool, spa and barbecue/picnic area.
Officials at Latco Enterprises and Dwight did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
