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.
Connect Texas Multifamily in Dallas on August 13 brings together the owners, developers, brokers, investors, and lenders shaping the future of Texas multifamily for a day of market intelligence, networking, and actionable insights. Join 300+ decision-makers and be part of the conversations driving the Texas multifamily market. Register today: www.ConnectTXMF2026.com.
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
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The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
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Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
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