Dwight REIT Closes on Bridge Loan to Refi Greenpoint Rentals
Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, closed a $34-million bridge loan to refinance 170 Freeman St., a newly developed 67-unit apartment community located in the Greenpoint neighborhood of Brooklyn. The transaction was originated by DMT’s David Scheer on behalf of the borrowers, Daniel Greenberg and Joshua Greenberg of Green Street Group Managers LLC.
Loan proceeds will cover transaction costs, fund an interest reserve and finance remaining construction costs. The project is eligible for a 35-year 421-a tax abatement.
The property consists of a single eight-story building and includes ground-floor commercial space. The residential unit mix comprises 12 studios, 40 one-bedrooms, and 15 two-bedrooms. Amenities at 170 Freeman St. include a fitness center, bike storage, study rooms, storage lockers, resident lounge, pet spa and a communal rooftop equipped with a grill and views of Manhattan.
What’s Fueling Texas Multifamily in 2025? Find August 28th in Dallas. This is the last call to join leading experts as they break down the economic forces, investor trends, and regional shifts shaping Texas’ multifamily outlook at the discounted pricing! Get ahead of what’s coming, and position yourself to capitalize on it, at Connect Texas Multifamily. | www.ConnectTXMF2025.com | EVENT DATE: Thursday, August 28th | VENUE: The Joule, Dallas
Other News
One Beverly Hills Reaches Milestones Ahead of Schedule
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
Learn more
Metro Loft, David Werner Secure $231M Loan for Midtown East Residential Conversion
Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
Learn more
Rental Affordability Declines in Most Metros, but Improved Housing Quality is a Factor
Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout