Dwight Mortgage Trust Lends $41M on New Downtown Brooklyn Resi Tower
By Andrew Coen January 3, 2024 12:57 pm
reprints
Developer Bruklyn Builders has sealed $41.2 million of bridge financing to refinance its newly constructed high-rise apartment building in Downtown Brooklyn, Commercial Observer has learned.
Dwight Mortgage Trust, the affiliate real estate investment trust of Dwight Capital, provided the bridge loan for the sponsor’s 13-story Amnia building completed in November 2023. Loan proceeds were used to refinance existing construction debt and obtain additional capital for the property.
Landstone Capital Group’s Pinchas Vogel arranged the transaction.
Located at 27-131 Concord Street, the 73-unit Amnia features studio, one, two and three bedroom options. Its amenities include a fitness center, game room, courtyard with a dog run, and a rooftop lounge
The multifamily development consists of 22 apartments designated as affordable housing. It received a long-term tax abatement from the now expired 421-a Affordable Housing New York Program.
Officials at Bruklyn Builders and Dwight did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
