Dwight Provides Largest Construction Loan in Company History for Gilroy Multifamily
Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $183-million construction loan for a 530-unit luxury multifamily community in Gilroy, marking the largest construction financing in Dwight’s history. The loan was originated by managing director Keith Hoffman and originator Elliot Haft on behalf of developer Ten South Construction.
Located at 315 Las Animas Ave., the property will comprise four mid-rise apartment buildings, 33 townhome buildings, and a clubhouse/leasing office across 27 acres. Of the 530 units, 243 will be income-restricted and reserved for households earning 60% and 80% of Area Median Income. The remaining 287 townhomes will be market-rate. Construction is expected to be completed in 2029.
The project will deliver much-needed housing to one of the most supply-constrained submarkets in the San Jose-Sunnyvale-Santa Clara MSA, according to Dwight. Despite increasing housing demand and sustained rent growth, the submarket has experienced limited multifamily development over the past two decades.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout