Dwight Mortgage Trust Refis Tennessee Apartments With $53M Loan

Dominion Group has sealed $53 million of bridge debt to refinance a multifamily asset near the University of Tennessee, Commercial Observer can first report.

Dwight Mortgage Trust provided the loan for South Banks, a 230-unit garden-style apartment community in Knoxville, Tenn., in a deal originated by Josh Hoffman and Jonathan Pomper. In addition to refinancing existing debt, loan proceeds will also fund an interest reserve.

“We are excited to have supported Dominion Group on this refinance, a high-quality asset that reflects their strong track record and deep local expertise, and we look forward to closing more transactions together in the future,” Hoffman, managing director at Dwight, said in a statement. 

Located at 906 Waterfront Drive less than two miles from the University of Tennessee’s campus, South Banks comprises 118 one-bedroom apartments, 112 two-bedroom units and 3,000 square feet of ground-floor commercial space. Community amenities include a fitness center, a saltwater pool, an outdoor kitchen, coworking space and a rooftop lounge.

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

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