Dwight Mortgage Trust Refis Saratoga Townhomes With $68M Loan

Blue Iron Development is off to the races this year after landing a $67.5 million bridge loan for a townhome-style multifamily asset near a historic horse racing track. 

Dwight Mortgage Trust provided the loan for Blue Iron’s Elements at Saratoga Lake property that debuted in 2024 in Saratoga Springs, N.Y., Commercial Observer has learned.  The financing for the 260-unit community 11 miles south of Saratoga Race Course, was originated by Dwight’s David Scheer and Alex Izso.

The transaction was full refi for Blue Iron two years after securing an identical $67.5 million loan from Dwight, according to the lender. 

Located at 1 Forest Ridge Boulevard, the property consists of 26 apartment buildings and a two-story clubhouse. The community features a mix of 172 one-bedroom and 88 two-bedroom townhomes. Community amenities include a clubhouse with an indoor/outdoor pool, yoga studio, golf simulator, pickleball court and fitness center. 

Blue Iron Development did not immediately return a request for comment.

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