Dwight Provides $155M Refi on Two-Building Bronx Multifamily
Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $155-million bridge loan to refinance 261 & 315 Grand Concourse, a newly developed 405-unit multifamily community in the Bronx. The financing was originated on behalf of the sponsor, Beitel Group, and brokered by Pinchas Vogel at Landstone Capital Group.
The project is eligible for a 35-year 421-a tax abatement and Brownfield Tax Credits and is enrolled in the NYC Voluntary Inclusionary Housing Program. The loan, which closed pre-TCO, retired an existing construction loan, covered all transaction costs, and provided a significant cash out.
The project comprises two adjacent buildings: 261 Grand Concourse, featuring 283 market-rate residences, and 315 Grand Concourse, offering 122 affordable units. Residents have access to a comprehensive suite of amenities such as a fitness center, co-working space, resident lounge, and outdoor terraces, along with onsite parking, professional on-site management and maintenance services.
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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